Optical and near-infrared spectroscopic observations of the fast nova V1494 Aquilae 1999 #2 covering various phases -- early decline, transition and nebular -- during the first eighteen months of its post-outburst evolution are presented in this paper. During this period, the nova evolved in the P_fe P_fe^o C_o spectral sequence. The transition from an optically thick wind to a polar blob - equatorial ring geometry is seen in the evolution of the spectral line profiles. There is evidence of density and temperature stratification in the ejecta. Physical conditions in the ejecta have been estimated based on our observations.