We present optical and near-IR Integral Field Unit (IFU) and ALMA band 6 observations of the nearby dual Active Galactic Nuclei (AGN) Mrk 463. At a distance of 210 Mpc, and a nuclear separation of $sim$4 kpc, Mrk 463 is an excellent laboratory to study the gas dynamics, star formation processes and supermassive black hole (SMBH) accretion in a late-stage gas-rich major galaxy merger. The IFU observations reveal a complex morphology, including tidal tails, star-forming clumps, and emission line regions. The optical data, which map the full extent of the merger, show evidence for a biconical outflow and material outflowing at $>$600 km s$^{-1}$, both associated with the Mrk 463E nucleus, together with large scale gradients likely related to the ongoing galaxy merger. We further find an emission line region $sim$11 kpc south of Mrk 463E that is consistent with being photoionized by an AGN. Compared to the current AGN luminosity, the energy budget of the cloud implies a luminosity drop in Mrk 463E by a factor 3-20 over the last 40,000 years. The ALMA observations of $^{12}$CO(2-1) and adjacent 1mm continuum reveal the presence of $sim$10$^{9}$M$_odot$ in molecular gas in the system. The molecular gas shows velocity gradients of $sim$800 km/s and $sim$400 km/s around the Mrk 463E and 463W nuclei, respectively. We conclude that in this system the infall of $sim$100s $M_odot$/yr of molecular gas is in rough balance with the removal of ionized gas by a biconical outflow being fueled by a relatively small, $<$0.01% of accretion onto each SMBH.