We demonstrate that the system of localized magnetic moments in HoNi2B2C can be described by the 4-positional clock model. This model, at a proper choice of the coupling constants, yields several metamagnetic phases in magnetic field at zero temperature in full agreement with the experimental phase diagram. The model incorporates couplings between not nearest neighbors in the direction perpendicular to the ferromagnetic planes. The same model leads to a c-modulated magnetic phase near the Curie temperature. The theoretical value of the modulation wave-vector agrees surprisingly well with that observed by the neutron diffraction experiment without new adjustable parameters.In the works by Rathnayaka et al. In this compound easy magnetization axes are identified with crystallographic directions 110 and 110 . The low temperature magnetization data show the existence of 4 metamagnetic phases. The low field phase has been identified by neutron diffraction experiments [3,5] and magnetic measurements [2] with the antiferromagnetic phase, which we denote symbolically ↑↓. The phase boundaries and magnetization in other phases versus magnetic field found in the experiment [2] can be readily explained by assuming that the remaining three phases are as follows: phase 2 -↑↑↓, phase 3 -↑↑→, and the high-field phase 4 -↑. It means that 2 3 of the spins in the phases 2 and 3 are parallel to one of the easy axes whereas the remaining 1 3 is antiparallel and perpendicular, respectively, to the same axis. Note that all metamagnetic phases are stoichiometric in the meaning that the concentrations of spins parallel, antiparallel, or perpendicular to the reference axis are rational numbers. The phase diagram of HoNi2B2C at zero temperature is especially simple if the components of magnetic field Hx, Hy are chosen as variables. The experimental phase diagram of HoNi2B2C is shown in Fig. 1 (in the original work [2] it has been presented in polar coordinates h, θ h ).Siegrist et al.[9] and Huang et al.[6] determined the structure of Lu and Ho 1:2:2:1 compounds as the body-centered tetragonal lattice with the space group I4/mmm. The xray structure analysis and the neutron-scattering experiments performed by Goldman et al. [3,4] and Grigereit et al. [5][6][7]. showed that an incommensurate modulated magnetic structures with the wave-vectors Kc = 0.915c * and Ka = 0.585a * occur in the temperature range 4.7-6 K. At temperatures below 4.7 K they vanish and an antiferromagnetic reflections corresponding to alternating ferromagnetic ab-planes of Ho 3+ localizad moments appear. Though the spacial arrangement of the phases ↑↑↓ and ↑↑→ can not bee directly derived from the magnetization measurements, it is unplausible that the ferromagnetic in-plane interaction changes suddenly by switching on of the magnetic field. Therefore, we believe that our symbols ↑↑↓ and ↑↑→ correspond to the real spatial sequences of in-plane magnetic moments. In this article we present a simple microscopic model for magnetic subsystem in the 1:2:2:1 compound which expl...