IRAS 19312+1950 is a peculiar object that has eluded firm characterization since its discovery, with combined maser properties similar to an evolved star and a young stellar object (YSO). To help determine its true nature, we obtained infrared spectra of IRAS 19312+1950 in the range 5-550 µm using the Herschel and Spitzer space observatories. The Herschel PACS maps exhibit a compact, slightly asymmetric continuum source at 170 µm, indicative of a large, dusty circumstellar envelope. The far-IR CO emission line spectrum reveals two gas temperature components: ≈ 0.22M of material at 280 ± 18 K, and ≈ 1.6M of material at 157 ± 3 K. The O I 63 µm line is detected on-source but no significant emission from atomic ions was found. The HIFI observations display shocked, high-velocity gas with outflow speeds up to 90 km s −1 along the line of sight. From Spitzer spectroscopy, we identify ice absorption bands due to H 2 O at 5.8 µm and CO 2 at 15 µm. The spectral energy distribution is consistent with a massive, luminous (∼ 2 × 10 4 L ) central source surrounded by a dense, warm circumstellar disk and envelope of total mass ∼ 500-700M , with large bipolar outflow cavities. The combination of distinctive far-IR spectral features suggest that IRAS 19312+1950 should be classified as an accreting high-mass YSO rather than an evolved star. In light of this reclassification, IRAS 19312+1950 becomes only the 5th high-mass protostar known to exhibit SiO maser activity, and demonstrates that 18 cm OH maser line ratios may not be reliable observational discriminators between evolved stars and YSOs.