Аннотация:We present the results of recent observations of V4332 Sgr (Red Nova Sagittarii 1994) performed with the Russian 6-m telescope. The archive photometry has revealed a two-component spectral energy distribution for a progenitor containing a red and a blue stars. After the outburst, the blue star disappeared. The evolution of the remnant was studied between 2003 and 2012. Starting 2006, the star decayed by 2.5m in the V band. Intensities of atomic and molecular emission lines radiated by cool gas declined gradually during the observation time, and decreased by 20-30 times for this period. The red star continuum has undergone an abrupt decay in the optical bands between 2006 and 2009 which may be explained by star cooling by 1020 K. In the course of weakening of the red star and the nebula, a new faint star was uncovered in the short-wavelength range of the spectrum both with spectroscopy and photometry. Authors incline to consider that the outburst of 1994 was a result of merger or collision of two stars in a multiple system.