A C14 Nb0.975Fe2.025 Laves phase compound was investigated aimed at determining the H-T magnetic phase diagram. Magnetization, M, and AC magnetic susceptibility measurements were performed. Concerning the former field-cooled and zero-field-cooled M-curves were recorded in the temperature range of 2-200K and in applied magnetic field, H, up to 1000 Oe, isothermal M(H) curves at 2 K, 5 K, 50 K, 80 K and 110 K as well as hysteresis loops at several temperatures over the field range of -10 to +10kOe. Regarding the AC susceptibility, both real and imaginary components were registered as a function of increasing temperature in the interval of 2 K - 150 K at the frequencies of the oscillating field, f, from 3 Hz up to 999 Hz. An influence of the external DC magnetic field, H, on the temperature dependence of the AC susceptibility was investigated, too. The measurements clearly demonstrated that the magnetism of the studied sample is weak, itinerant and has a reentrant character. Based on the obtained results a magnetic phase diagram has been constructed in the H-T coordinates.