We used adaptive optics imaging and integral field spectroscopy from the Very Large Telescope, together with images from the Hubble Space Telescope, to study the near-infrared (NIR) evolution of the equatorial ring (ER) of SN 1987A. We studied the NIR flux and morphology over time in order to lay the groundwork for James Webb Space Telescope observations of the system. We also studied the differences in the interacting ring structure and flux between optical, NIR, and other wavelengths, and between line and continuum emission, to constrain the underlying physical processes. For the most part, the evolution is similar in the NIR and optical. The morphology of the ER has been skewed toward the west side (with roughly two-thirds of the NIR emission originating there) since around 2010. A steady decline in the ER flux, broadly similar to the mid-infrared and the optical, has been ongoing since roughly this time as well. The expansion velocity of the ER hotspots in the NIR is fully consistent with the optical. However, continuum emission forms roughly 70% of the NIR luminosity, and has been stronger outside the hotspot-defined extent of the ER (relative to the hotspots themselves) than the optical emission or the NIR line emission since 2012–2013, suggesting a faster-expanding continuum component. We find that this outer NIR emission can have a significant synchrotron contribution. Even if emission from hot dust (~2000 K) is dominant within the ER, the mass of this dust must be vanishingly small (a few times 10⁻¹² M_⊙) compared to the total dust mass in the ER (≳10⁻⁵ M_⊙) to account for the observed HKs flux. The NIR continuum emission, however, expands more slowly than the more diffuse 180-K dust emission that dominates in the MIR, indicating a different source, and the same hot dust component cannot account for the J-band emission.