We present the results of our $UBV$ and $JHKLM$-photometry for the semiregular pulsating variable V1027~Cyg, a supergiant with an infrared excess, over the period from 1991 to 2015. Our search for a periodicity in the $UBV$ brightness variations has led to several periods from $P=212^{d}$ to $P=320^{d}$ in different time intervals. We have found the period $P=237^{d}$ based on our infrared photometry. The variability amplitude, the light-curve shape, and the magnitude of V1027~Cyg at maximum light change noticeably from cycle to cycle. An ambiguous correlation of the $B-V$ and $U-B$ colors with the brightness has been revealed. The spectral energy distribution for V1027~Cyg from our photometry in the range 0.36 ($U$)-5.0 ($M$) $mu$m corresponds to spectral types from G8I to K3I at different phases of the pulsation cycle. Low-resolution spectra of V1027 Cyg in the range $lambda$4400--9200 AA were taken during 16 nights over the period 1995--2015. At the 1995 and 2011 photometric minima the stars spectrum exhibited molecular TiO bands whose intensity corresponded to spectral types M0--M1, while the photometric data point to a considerably earlier spectral type. We hypothesize that the TiO bands are formed in the upper layers of the extended stellar atmosphere. We have measured the equivalent widths of the strongest absorption lines, in particular, the infrared Ca~II triplet in the spectrum of V1027~Cyg. The calcium triplet (Ca T) with $W_{lambda}(mathrm{Ca~T})=20.3pm1.8$ AA as a luminosity indicator for supergiants places V1027 Cyg in the region of the brightest G--K supergiants. V1027 Cyg has been identified with the infrared source IRAS~20004+2955 and is currently believed to be a candidate for post-AGB stars. The evolutionary status of the star and its difference from other post-AGB objects are discussed.
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