The spectroscopic and spectropolarimetric variability of the peculiar variable V838 Monocerotis during the brighter phases of its multiple outbursts in 2002 is presented . Significant line profile variability of H \alpha and Si II 6347.10Å & 6371.36Å occurred in spectra obtained between 2002 February 5 and 2002 March 14 , and a unique secondary absorption component was observed near the end of this time period . Our observations also suggest that multiple shifts in ionization states occurred during the outbursts . Spectropolarimetric observations reveal that V838 Mon exhibited both intrinsic and interstellar polarization components during the initial stages of the second outburst , indicating the presence of an asymmetric geometry ; however , the intrinsic component had significantly declined by February 14 . We determine the interstellar polarization to be P _ { max } = 2.746 \pm 0.011 \% , \lambda _ { max } = 5790 \pm 37 \AA , PA = 153.43 \pm 0.12 ^ { \circ } , and we find the integrated intrinsic V band polarization on February 5 to be P = 0.983 \pm 0.012 \% at a position angle of 127.0 \pm 0.5 ^ { \circ } . The implications of these observations for the nature of V838 Monocerotis , its distance , and its ejecta are discussed .