We present both timing and spectral analysis of the outburst of 4U 0115+63 in April — May 2008 with INTEGRAL and RXTE observations. We have determined the spin period of the neutron star at $\sim 3.61430 \pm 0.00003$ s, and a spin up rate during the outburst of $\dot{P}=(-7.24 \pm 0.03)\times10^{-6} {\rm s d^{-1}}$, the angle of periapsis $\omega=48.67^\circ \pm 0.04^\circ$ in 2008 and its variation (apsidal motion) $\dot{\omega} = 0.048^\circ \pm 0.003^\circ {\rm yr}^{-1}$. We also confirm the relation of spin-up torque versus luminosity in this source during the giant outburst. The hard X-ray spectral properties of 4U 0115+63 during the outburst are studied with INTEGRAL and RXTE. Four cyclotron absorption lines are detected using the spectra from combined data of IBIS and JEM-X aboard INTEGRAL in the energy range of 3 — 100 keV. The 5 — 50 keV luminosities at an assumed distance of 7 kpc are determined to be in the range of $(1.5-12)\times 10^{37} {\rm ergs s^{-1}}$ during the outburst. The fundamental absorption line energy varies during the outburst: around 15 keV during the rising phase, and transiting to $\sim 10$ keV during the peak of the outburst, and further coming back to $\sim 15$ keV during the decreasing phase. The variations of photon index show the correlation with the fundamental line energy changes: the source becomes harder around the peak of the outburst and softer in both rising and decreasing phases. This correlation and transition processes during the outburst need further studies in both observations and theoretical work. The known relation of the fundamental line energy and X-ray luminosity is confirmed by our results, however, our discoveries suggest that some other factors besides luminosity play the important role in fundamental line energy variations and spectral transitions.