Results of muon spin relaxation ($mu$SR) and neutron powder diffraction measurements on a reentrant superconductor Eu(Fe$_{0.86}$Ir$_{0.14}$)$_2$As$_2$ are presented. Eu(Fe$_{0.86}$Ir$_{0.14}$)$_2$As$_2$ exhibits superconductivity at $T_{rm c,on} approx 22.5$~K competing with long range ordered Eu$^{+2}$ moments below $approx 18$ K. A reentrant behavior (manifested by nonzero resistivity in the temperature range 10--17.5 K) results from an exquisite competition between the superconductivity and magnetic order. The zero field $mu$SR data confirm the long range magnetic ordering below $T_{rm Eu} = 18.7(2)$ K. The transition temperature is found to increase with increasing magnetic field in longitudinal field $mu$SR which along with the neutron diffraction results, suggests the transition to be ferromagnetic. The neutron diffraction data reveal a clear presence of magnetic Bragg peaks below $T_{rm Eu}$ which could be indexed with propagation vector k = (0, 0, 0), confirming a long range magnetic ordering in agreement with $mu$SR data. Our analysis of the magnetic structure reveals an ordered magnetic moment of $6.29(5),mu_{rm B}$ (at 1.8 K) on the Eu atoms and they form a ferromagnetic structure with moments aligned along the $c$-axis. No change in the magnetic structure is observed in the reentrant or superconducting phases and the magnetic structure remains same for 1.8 K $leq T leq T_{rm Eu}$. No clear evidence of structural transition or Fe moment ordering was found.
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