We present thermodynamic and neutron scattering measurements on the quantum spin ice candidate Nd$_2$Zr$_2$O$_7$. The parameterization of the anisotropic exchange Hamiltonian is refined based on high-energy-resolution inelastic neutron scattering data together with thermodynamic data using linear spin wave theory and numerical linked cluster expansion. Magnetic phase diagrams are calculated using classical Monte Carlo simulations with fields along mbox{[100]}, mbox{[110]} and mbox{[111]} crystallographic directions which agree qualitatively with the experiment. Large hysteresis and irreversibility for mbox{[111]} is reproduced and the microscopic mechanism is revealed by mean field calculations to be the existence of metastable states and domain inversion. Our results shed light on the explanations of the recently observed dynamical kagome ice in Nd$_2$Zr$_2$O$_7$ in mbox{[111]} fields.
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