Recent photometric and spectroscopic observations of Pleione are reported. Pleione showed brightness declines in both the B and V bands by ∼ 0.m25 between 2006 January and 2007 March. Significant decreases in the strengths and widths of the long-lived emission components in Hα and Hβ were observed during this period, while additional outer double-emission components appeared in these lines. Many metallic shell lines strengthened during the observation period, being accompanied by central quasi-emission components. We interpret these spectral changes in terms of a double disk: the progressive decline of a misaligned old disk in due course of precession and the formation and growth of a new disk in the star's equatorial plane.