The Y8Co62B30 amorphous alloy is a collinear ferromagnet. The Arrott plot, the Kouvel-Fisher method, critical isotherm analysis and magnetic field dependence of maximum magnetic entropy changes were the main analytical tools used to determine the nature of the ferromagnetic/paramagnetic phase transition. Values of critical exponents (β, γ, and δ) were calculated and were convergent with those characteristic for mean-field model. It suggests that long range ferromagnetic interactions are playing main role in investigated alloy and the phase transition was confirmed to be of a second order according to the Banerjee criterion.