Context. The observed spectral variation of HD 50138 has led different authors to classify it in a very wide range of spectral types and luminosity classes (from B5 to A0 and III to Ia) and at different evolutionary stages as either HAeBe star or classical Be. Aims. Based on new high-resolution optical spectroscopic data from 1999 and 2007 associated to a photometric analysis, the aim of this work is to provide a deep spectroscopic description and a new set of parameters for this unclassified southern Be star and its interstellar extinction. Methods. From our high-resolution optical spectroscopic data separated by 8 years, we perform a detailed spectral description, presenting the variations seen and discussing their possible origin. We derive the interstellar extinction to HD 50138 by taking the influences of the circumstellar matter in the form of dust and an ionized disk into account. Based on photometric data from the literature and the new Hipparcos distance, we obtain a revised set of parameters for HD 50138. Results. Because of the spectral changes, we tentatively suggest that a new shell phase could have taken place prior to our observations in 2007. We find a color excess value of $E(B-V) = 0.08$ mag, and from the photometric analysis, we suggest that HD 50138 is a B6-7 III-V star. A discussion of the different evolutionary scenarios is also provided.