Abstract Historically, FU Orionis-type stars are low-mass, pre-main-sequence stars. The members of this class experience powerful accretion outbursts and remain in an enhanced accretion state for decades or centuries. V1515 Cyg, a classical FUor, started brightening in the 1940s and reached its peak brightness in the late 1970s. Following a sudden decrease in brightness, it stayed in a minimum state for a few months, then started brightening for several years. We present the results of our ground-based photometric monitoring complemented with optical/near-infrared spectroscopic monitoring. Our light curves show a long-term fading with strong variability on weekly and monthly timescales. The optical spectra show P Cygni profiles and broad blueshifted absorption lines, common properties of FUors. However, V1515 Cyg lacks the P Cygni profile in the Ca ii 8498 Å line, a part of the Ca infrared triplet, formed by an outflowing wind, suggesting that the absorbing gas in the wind is optically thin. The newly obtained near-infrared spectrum shows the strengthening of the CO bandhead and the FeH molecular band, indicating that the disk has become cooler since the last spectroscopic observation in 2015. The current luminosity of the accretion disk dropped from the peak value of 138 L _⊙ to about 45 L _⊙, suggesting that the long-term fading is also partly caused by the dropping of the accretion rate.