Mood: The mood of the video seems to be melancholic and introspective, with a theme of reflection on life. The title 'Aye Zindagi' translates to 'Oh Life' which suggests a contemplative and emotive tone. The overall emotion conveyed is one of nostalgia and longing.

Environment: The setting appears to be a stage or a performance venue, with a spotlight shining on the artist. The background is a dark purple hue with red and white lights, creating a moody and intimate atmosphere. The environment suggests a live performance or a music concert.