A study of the stellar population of the M31 spiral arm around OB association A24 was carried out based on the photometric data obtained from deep V and JHK imaging . The luminosity function was obtained for -7 \lesssim M _ { bol } \lesssim - 3.5 by applying the extinction correction corresponding to A _ { V } = 1 and the bolometric correction BC _ { K } as an empirical function of ( J - K ) _ { 0 } . In comparing the observed color-luminosity diagrams with semitheoretical isochrones modified for the dust-shell effects , we found the young population of t \lesssim 30 Myr with supergiants of M _ { bol } \lesssim - 5 , the bulk of the intermediate-age population of t \sim 0.2 - 2.5 Gyr with bright asymptotic giant branch ( AGB ) stars of -5 \lesssim M _ { bol } \lesssim - 4 , and old populations of t \gtrsim 3 Gyr with AGB and red giant branch ( RGB ) stars of M _ { bol } \gtrsim - 4 . The average star formation rate was estimated to be \sim 1.8 \times 10 ^ { 4 } m _ { \odot } Myr ^ { -1 } and \sim 0.7 \times 10 ^ { 4 } m _ { \odot } Myr ^ { -1 } per deprojected disk area of 1 kpc ^ { 2 } from the number density of B0 V stars around M _ { V } = -4.0 ( age \sim 10 Myr ) and the number density of bright AGB stars around M _ { bol } = -4.3 ( age \sim 1 Gyr ) , respectively . A study of the local variation in the V and the J and H luminosity functions revealed a kind of anticorrelation between the population of the young component and that of the intermediate-age component when subdomains of \sim 100 pc scales were concerned . This finding suggests that the disk domain around the A24 area experienced a series of star formation episodes alternatively among different subdomains with a timescale of a few spiral passage periods . Brief discussions are given about the interstellar extinction and about the lifetimes of bright AGB stars and the highly red objects ( HROs ) in the same area .