We present new optical CCD/interference filter imagery and IUE spectroscopy for the oxygen-rich supernova remnant N132D in the Large Magellanic Cloud. The optical images show a wealth of structure, and comparison with an archival Einstein HRI X-ray image shows that a few optical features have X-ray counter-parts, but in general there is little correlation between X-ray and optical features. The IUE spectra at two positions show strong lines of carbon and oxygen, with lines of neon, magnesium, silicon, and helium also present and variable in relative intensities. We use optical data for N132D from Dopita & Tuohy (1984) with our UV observations to compare with shock models (both with and without thermal conduction) and X-ray photoionization model calculations. While none of the model fits is entirely satisfactory, the generally weak UV emission relative to optical disagrees with the general character of shock model predictions and indicates that photoionization is the dominant excitation mechanism for the UV/optical emission. This conclusion is similar to what was found for E0102 7219, the oxygen-rich remnant in the Small Magellanic Cloud. We derive rough abundances for the emitting material in N132D, compare to stellar nucleosynthesis models, and discuss the implications for its precursor. A precursor near 20 M. is consistent with the data.