The crystal structure and magnetic properties investigations of holmium orthoferrite compound HoFeO3 were performed in temperature range 7–300 K. Obtained XRD data confirm that HoFeO3 retains the orthorhombic perovskite structure of Pbnm space group. The crystal electric field (CEF) parameters of Ho3+ ion subsystem has been revealed numerically on the base of point charge model in the same temperature range. By this set of parameters CEF the splitting of Ho3+ energy levels was calculated and their temperature evolution was obtained. Modelling of isothermal magnetization M(H) with obtained set of parameters was carried out. Ho3+ single ion anisotropy due to CEF effects was demonstrated. Bulk magnetization evaluated from CEF was compared to experimental data.