The compound Ho2 Mn3 Si5 exhibits multiple magnetic transitions: (i) an ordering at ∼78 K, (ii) a second magnetic transition at ∼16 K, and (iii) an anomaly at ∼4 K. Its paramagnetic Curie temperature is found to be small but positive. Assuming a free ion effective paramagnetic moment of 10.6 μB for Ho3+ ion, the effective paramagnetic moment per Mn in this compound is calculated to be 1.73 μB, which indicates the itinerant nature of Mn d electrons. The various transitions in magnetization data are perhaps due to the ordering of rare earth and Mn moments. The magnetization at 2 K in applied fields of up to 7 T has linear field dependence, indicating dominant antiferromagnetic interactions in the system. Neutron diffraction studies point to a complex amplitude modulated incommensurate magnetic structure at 9 K. © 2009 American Institute of Physics.