Nonlinear decay of toroidal Alfven eigenmode (TAE) into a geodesic acoustic mode (GAM) and a lower kinetic TAE (LKTAE) with the same toroidal/popoidal mode number is investigated due to its crucial implications on TAE nonlinear saturation, improved confinement, as well as energetic particle (EP) power channeling, including fusion-alpha power density to bulk thermal plasma heating. The parametric dispersion relation is derived and analyzed, and the parameter range for this process to occur and dominate over other mechanisms is discussed. The nonlinearly generated LKTAE and GAM can be dissipated via electron and ion Landau damping, respectively, leading to anomalous EP slowing down and channeling of EP power to thermal ion heating. The thermal plasma heating rates are also estimated. Furthermore, the nonlinearly generated GAM, as the finite frequency zonal flow, could contribute to regulating drift wave turbulence and consequently, improved confinement.