Single crystals of Fe5B2P were grown by self-flux growth technique. Structural and electrical and magnetic anisotropic properties are studied. The Curie temperature of Fe5B2P is determined to be 655 +/- 2 K. The saturation magnetization is determined to be 1.72 mu(B)/Fe at 2 K. The temperature variation of the anisotropy constant K-1 is determined for the first time, reaching similar to 0.50 MJ/m(3) at 2 K, and it is comparable to that of hard ferrites. The saturation magnetization is found to be larger than the hard ferrites. The first principle calculations of saturation magnetization and anisotropy constant are found to be consistent with the experimental results. (C) 2015 Elsevier B.V. All rights reserved.