We present a microscopic understanding of the magnetic phase diagram of β-TeVO4 in terms of a minimal anisotropic Heisenberg model. Using cluster mean field approach to capture quantum correlations we find, upon reducing temperature in the absence of applied field, (i) a partially ordered state, (ii) a collinear antiferromagnetic phase, and (iii) an elliptical spiral state characterized by finite vector chirality. The sequence of occurrence of these phases and the orders of the corresponding phase transitions are in excellent agreement with experiments. For finite fields, we find metamagnetic response close to saturation magnetization as reported in the experiments. We show via explicit calculations that the quadrupolar order parameter is finite in the metamagnetic regime.