Aims. We assess the evolutionary status of the intriguing object Walker 90/V590 Mon, which is located about 20 arcmin northwest of the Cone Nebula near the center of the open cluster NGC 2264. This object, according to its most recent optical spectral type determination (B7), which we confirmed, is at least 3 mag too faint in V for the cluster distance, but it shows the classical signs of a young pre-main sequence object, such as highly variable H emission, Mg II emission, IR excess, UV continuum, and optical variability. Methods. We analyzed a collection of archival and original data on Walker 90, covering 45 years including photometry, imaging, and spectroscopic data ranging from ultraviolet to near-infrared wavelengths.