We present new near-infrared spectroscopic observations of the ultraluminous galaxy IRAS FSC 10214+4124. A low-resolution (lambda/Delta lambda similar to 100) spectrum from 1.14 mu m to 1.70 rho m has been obtained using the OH airglow Suppressor Spectrograph (OHS) mounted on the UH 2.2 m telescope. The spectrum shows no distinctive Balmer discontinuity, an indicator of the small age of the galaxy. The detected line ratio, [O III] 5007/H beta = 20, is consistent with the Seyfert 2 nature of this object, while the ratio H alpha/H beta = 8.6 implies A(V) = 2.9 in the central narrow line region. The equivalent width of [O III] 5007 is 229 Angstrom, almost the same as that of typical radio galaxies. We have detected He II 4686 and [Ne III] 3869, while we have missed [O II] 3727, possibly due to the airglow mask of OHS. The spectrum from the optical to near-infrared region is well fitted by a two-galaxy model with respective redshifts of z = 2.2835 and z similar to 1.9, in which most of the far-infrared luminosity is supplied by the deeply embedded AGN in the main component.