In this work, we present the detailed spectral and temporal properties of the Ultraluminous X-ray source NGC 4254 ULX-2 using the first coordinated data of XMM-Newton and NuSTAR in the broad energy range of 0.3–20.0 keV. In addition, the spectral evolution and the flux varibility of the source across the three epochs of the XMM-Newton data have also been examined. The broadband spectrum statistically favors the presence of spectral curvature above 6 keV, a feature that was not detected when analyzing the XMM-Newton data alone. Moreover, the statistical significance test based on the simulated data further supports the presence of this curvature in the broadband continuum. Detailed analysis of the broadband spectrum clearly shows that the source was not in the canonical sub-Eddington spectral states typically seen in the standard Galactic black hole binaries. This disfavors the possible presence of an intermediate mass black hole and supports the super-Eddington accretion nature of the source. The broadband continuum is best described by disk plus Comptonized corona model with the derived corona being cool and optically thick, which is in sharp contrast to the hot and optically thin corona, generally observed in Galactic black hole binaries, further reinforcing the super-Eddington accretion scenario. The source displays a declining trend in its observed flux, decreasing by a factor of approximately 2.5 over the XMM-Newton epochs without any significant long term spectral variability as indicated by the Hardness Ratio diagram. Moreover, the observed flux variability appears to be intrinsic to the source rather than driven by changes in the neutral absorption. The detailed timing studies show that the source exhibits no significant short term variability in either the NuSTAR or the XMM-Newton epochs except for the epoch XMM1 at 100 s and 500 s time binnings, where it displays some variability. Further, no signs of coherent signals or pulsations were detected for this source. Overall, the observed properties of NGC 4254 ULX-2 suggest that it likely hosts a stellar mass compact object in the super-Eddington accretion regime.