  Single crystals of AlFe$_{2}$B$_{2}$ have been grown using the self flux
growth method and then measured the structural properties, temperature and
field dependent magnetization, and temperature dependent electrical resistivity
at ambient as well as high pressure. The Curie temperature of AlFe$_{2}$B$_{2}$
is determined to be $274$~K. The measured saturation magnetization and the
effective moment for paramagnetic Fe-ion indicate the itinerant nature of the
magnetism with a Rhode-Wohlfarth ratio $ \frac{M_{C}}{M_{sat}}\approx 1.14$.
Temperature dependent resistivity measurements under hydrostatic pressure shows
that transition temperature \textit{T$_C$} is suppressed down to 255 K for $p =
2.24$~GPa pressure with a suppression rate of $\sim -8.9$~K/GPa. The anisotropy
fields and magnetocrystalline anisotropy constants are in reasonable agreement
with density functional theory calculations.
