The star was discovered to be variable in 1928, with a photographic magnitude range of 14.7-15.6, at the Harvard College Observatory and designated HV 4476.

[4] AE And is seen to have a peculiar emission line spectrum described as very much like Eta Carinae, likely due to a dense stellar wind.

Some features suggest a B2-B3 spectral type but the emission and variability defy a normal classification.

Since the discovery outburst, AE And has mostly been in the quiescent, or hot, LBV phase, with small irregular brightness fluctuations.

[7] The star's stellar winds are strong, at 3×10−5 M☉/yr, but slow, and have been measured on the order of 100 km/s which contributes to their optical density.