The photoelectric UBV observations of the peculiar symbiotic star V1329 Cyg performed at the Crimean Station of the SAI-MSU during 245 nights over the period 2003-2014 are presented. The star's light curves since 1973 from the Crimean observations are shown. The brightness decline after its outburst over the last 40 years was 0.8m-1.0m. The phase color curves at phases 0.2 and 0.8 have maxima. Their qualitative interpretation in terms of the model of interacting winds in symbiotic binary star systems is proposed. The orbital period of the binary system has been redetermined. The spectroscopic observations at the 125-cm telescope of the Crimean Station from 1994 to 2014 have confirmed the change in the system's emission spectrum with orbital phase.