What is the meaning of "Then he approached and came down, and then he hung down," and who is being referred to?

The meaning of "whom the Prophet saw and drew near, then descended" is Gabriel (peace be upon him). It is narrated in Sahih al-Bukhari and Sahih Muslim that Aisha (may Allah be pleased with her) said: "That was Gabriel. He used to come to him in the form of a man, but this time he came to him in his true form, filling the horizon." And the meaning of (then he drew near, then descended) is Gabriel's drawing near and descending.