The electrical resistivity and the magnetization of single crystalline HoNi 2 B 2 C have been measured at several magnetic fields. In the paramagnetic region, the magnetization is nicely reproduced by calculations that take the crystal electric field (CEF) into consideration.The magnetoresistance is negative at a wide temperature range, and is strongly dependent on the magnetization. It is interpreted by the reduction of spin-disorder scattering as the moments are polarized.Copyright line will be provided by the publisher 1 Introduction The borocarbides, RNi 2 B 2 C (R= Dy-Lu, Y) are an interesting series of compounds because of the interplay between superconductivity and magnetism [1]. The structure is a varient of ThCr 2 Si 2 type, a body-centered tetragonal crystal structure which consists of alternating layers of HoC planes and Ni 2 B 2 slabs. The compounds of this series are magnetic superconductors for most of the heavy rare earth elements; superconductivity and antiferromagnetism have been found to coexist for the rare earth elements Dy, Ho, Er and Tm.HoNi 2 B 2 C is particularly interesting because superconductivity are observed at T SC = 8.5 K to coexist with several complex magnetic phases [2,3]. A magnetic phase diagram is described by the results of magnetoresistance, mangetization and heat capacity, indicating a complex magnetic structure at low temperature and magnetic field [4][5][6]. In the paramagnetic phase at high temperature, on the other hand, the magnetic properties of HoNi 2 B 2 C is dominated by Ho 3+ ion, which is influenced not only by the total angular momentum but also by the crystal electric field (CEF).The temperature dependence of electrical resistivity also depends strongly on magnetic field in the paramagnetic state [7,8]. Such behavior has been observed in some heavy-fermion compounds, where several kinds of interactions such as RKKY interaction, the Kondo effect and