The U BV photometry and low-resolution spectroscopy for the semiregular variable AI CMi, a candidate for post-AGB objects, performed in 1996-2016 and 2000-2013, respectively, are presented. The star showed multiperiodic brightness variations with an amplitude up to 1.5m in the V band, a significant (up to 0.4m) bluing of the B-V and U-B colors as the star faded, and a change of its spectrum from G5 I to K3-5 I, depending on its brightness. A possible long-term fading of AI CMi below 8.5m in the period from May 2013 to early 2015 is observed in the light curve. The colors in this episode did not change the pattern of their unusual behavior with brightness. The main feature of the spectrum for AI CMi is the appearance and strengthening of TiO absorption bands as its brightness declines, which are atypical in the spectra of ordinary G5-K3 supergiants. The bluing of the B-V and U-B colors is interpreted as the blanketing of stellar radiation predominantly in V (and to a lesser extent in B) by the TiO absorption bands whose intensity increases dramatically with decreasing brightness. Another cause of the bluing can be the scattering of stellar radiation by small dust particles in the gas-dust shell of AI CMi. The star's continuum-normalized spectra over the period from 2000 to 2013 in the wavelength range 4200 to 7700 or 9200{AA} are presented. These were taken at different phases of the pulsation cycle and clearly demonstrate the behavior of the TiO absorption bands depending on the V magnitude and B-V color. The equivalent widths of individual TiO bands were measured, and their correlation with the photometric parameters of the star is shown. AI CMi belongs to the O-rich branch of AGB/post-AGB supergiants and has a luminosity of ~4000L_{sun}_ at a distance of 1500+/-700pc. The mass of AI CMi is most likely small and close to the lower mass limit for post-AGB stars. The connection of the star's pulsational activity and nonstationary wind with the formation of its molecular and dust shells is discussed briefly.