We present a multi-wavelength study of the Be/X-ray binary system EXO 2030+375. We report that the Be companion is currently in a low-activity phase as indicated by the notable decrease of the infrared and optical emission. If this trend continues the source will lose its circumstellar envelope. Infrared spectroscopy in the IJHK bands is presented for the first time, along with optical and X-ray observations. These infrared spectra agree with the optical companion being an early-type (B0) main-sequence star. When active EXO 2030+375 shows an X-ray outburst at each periastron passage of the neutron star. In addition to the maximum X-ray luminosity displayed at orbital phase ~0.0, we find a smaller maximum in the light curve at phase ~0.5. This second intensity peak may be explained if the velocity of the wind is lower than or comparable to the orbital velocity of the neutron star at apastron. We also comment on the relation between the optical/infrared behaviour and the X-ray emission and argue that the X-ray inactive period observed between 1993 August and 1996 April is a result of centrifugal inhibition of accretion of matter rather than a low-activity circumstellar disc.