The GRB010222 optical and near-infrared (NIR) afterglow was monitored at the TNG and other Italian telescopes starting ~1 day after the high-energy prompt event. The optical BVR light curves, which are the best sampled, are continuously steepening, and can be described by two power laws, f(t) = t^(-alpha), of indices alpha_1 ~ 0.7 and alpha_2 ~ 1.3 before and after a break occurring at about 0.5 days after the GRB start time, respectively. This model accounts well also for the flux in the U, I and J bands, which are less well monitored. The temporal break appears to be achromatic. The two K-band points are not consistent with the above behaviour, and rather suggest a constant trend. A low-resolution optical spectrum has also been taken with TNG. In the optical spectrum we found three absorption systems at different redshifts (0.927, 1.155 and 1.475), the highest of which represents a lower limit to, and probably coincides with, the redshift of this GRB. The broad-band optical spectral energy distributions do not appear to vary with time, consistently with the achromatic behaviour of the light curves. We compare our measurements with different afterglow evolution scenarios and we find that they favor a transition from relativistic to non-relativistic conditions in the shock propagation. ; Comment: Accepted by Astronomy and Astrophysics; modified according to referee's comments. Two figures added, U-band photometry corrected, hydrodynamic description of the afterglow revised, host galaxy absorption considered, references added