Spin wave and crystal field excitations in single crystal HoFe2have been studied using inelastic neutron scattering. At 10 K [100] is the easy magnetic direction and at this temperature the acoustic spin wave mode exhibits a 0.60 meV gap due to anisotropy. The acoustic mode is degenerate at the zone boundary with a flat optic mode of energy 8.3 meV. The lack of dispersion in this mode is a consequence of the small (<.01 meV) Ho‐Ho exchange energy. A third mode is a highly dispersive optic mode which represents excitations of the iron sublattice spins and has a stiffness parameter almost identical to iron metal. A nearest neighbor linear spin wave model has been applied which represents the data of the three lowest modes well. This model predicts the remaining three allowed modes to be at energies above 200 meV. There is no measurable anisotropy in the spin wave modes with varying propagation directions. At room temperature, higher states of the Ho crystal field multiplet become populated and weaker dispersionless excitations between these levels are observed. The observed excitations are broadened beyond instrumental resolution because of contributions from several levels close together in energy. Crystal field calculations including exchange have been performed and are compared to the energies of the observed optic mode transitions.