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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.