Mood: The mood of the video appears to be vibrant, playful, and celebratory, capturing the joy and excitement of the Holi festival. The theme seems to be a musical mashup, likely featuring popular Bollywood songs and dance numbers, given the title 'Smashup Holi Special'. The overall emotion conveyed is one of fun, energy, and revelry.

Environment: The setting of the video seems to be a festive and colorful environment, likely outdoors, with people celebrating Holi. The images depict individuals and couples enjoying the festival, with colors and water splashes, indicating a lively and dynamic atmosphere.