For the first time, the energy level structure of the nitrogen-vacancy center in diamond is introduced in conjunction with a spontaneous parametric four-wave mixing (SP-FWM) process and fluorescence (FL) generation in heteronuclear-like (V-type level) systems. The obtained output signals are characterized by their decaying components and differentiated by Rabi oscillation, while their lifetimes are modulated by changing the power of the laser field. Two- and three-mode correlation and squeezing among the SP-FWM and FL composite signals are investigated theoretically and experimentally. By selecting different time delayed positions and changing the power of the laser field, competition between the SP-FWM and FL composite signals is demonstrated; this can also control the two-stage line shape of hybrid correlation and the magnitude of squeezing. Such results may find potential applications in optical transistors and optical hybrid communications.