Abstract: We present a comprehensive study of the X-ray spectral properties of the accreting millisecond pulsar IGR J17498−2921 during its 2023 outburst. Similar to other accreting millisecond pulsars, the broad-band spectral emission observed quasi-simultaneously by NICER and NuSTAR is well described by an absorbed Comptonized emission with an electron temperature of ∼17 keV plus a disk reflection component. The broadening of the disk reflection spectral features, such as a prominent iron emission line at 6.4-6.7 keV, is consistent with the relativistic motion of matter in a disk truncated at ∼21 \, \mathrm{R_g}fromthesource,neartheKeplerianco−rotationradius.Fromthehigh−cadencemonitoringdataobtainedwithNICER,weobservethattheevolutionofthephotonindexandthetemperatureofseedphotonstracksvariationsintheX−rayflux.Thisisparticularlyevidentclosetoasudden\sim−0.25cyclesjumpinthepulsephase,whichoccursimmediatelyfollowinganX−rayfluxflareandadropinthepulseamplitudebelowthe3\sigma$ detection threshold. We also report on the non-detection of optical pulsations with TNG/SiFAP2 from the highly absorbed optical counterpart.