Mood: The mood of the video appears to be light-hearted and playful, with a hint of romance. The theme seems to revolve around love, relationships, or heartbreak, given the title 'Lag Raha Hai Dil Deewana' which translates to 'My crazy heart beats'. The overall emotion conveyed is one of youthful excitement and infatuation.

Environment: The setting appears to be a casual, possibly indoor environment with a blurred background that could be a bookstore or a gift shop, given the presence of colorful boxes and a sign that says 'OPEN'. The focus is on the protagonist, a young woman, who seems to be in a carefree and joyful state.