ABSTRACT Exoplanets in their infancy are ideal targets to probe the formation and evolution history of planetary systems, including the planet migration and atmospheric evolution and dissipation. In this paper, we present spectroscopic observations and analyses of two planetary transits of K2-33b, which is known to be one of the youngest transiting planets (age ≈ 8–11 Myr) around a pre-main-sequence M-type star. Analysing K2-33’s near-infrared spectra obtained by the IRD instrument on Subaru, we investigate the spin-orbit angle and transit-induced excess absorption for K2-33b. We attempt both classical modelling of the Rossiter–McLaughlin (RM) effect and Doppler-shadow analyses for the measurements of the projected stellar obliquity, finding a low angle of $\lambda =-6_{-58}^{+61}$ deg (for RM analysis) and $\lambda =-10_{-24}^{+22}$ deg (for Doppler-shadow analysis). In the modelling of the RM effect, we allow the planet-to-star radius ratio to float freely to take into account the possible smaller radius in the near infrared, but the constraint we obtain ($R_p/R_s=0.037_{-0.017}^{+0.013}$) is inconclusive due to the low radial-velocity precision. Comparison spectra of K2-33 of the 1083 nm triplet of metastable ortho-He I obtained in and out of the 2021 transit reveal excess absorption that could be due to an escaping He-rich atmosphere. Under certain conditions on planet mass and stellar XUV emission, the implied escape rate is sufficient to remove an Earth-mass H/He in ∼1 Gyr, transforming this object from a Neptune to a super-Earth.