Single crystalline samples of the van der Waals antiferromagnet CrPS4 were studied by measurements of specific heat and comprehensive anisotropic temperature- and magnetic-field-dependent magnetization. In addition, measurements of the heat capacity and magnetization were performed under pressures of up to ∼21 and ∼14 kbar, respectively. At ambient pressure, two magnetic transitions are observed: second order from a paramagnetic to an antiferromagnetic state at TN∼37 K, and a first-order spin reorientation transition at T∗∼34 K. Anisotropic H−T phase diagrams were constructed using the M(T,H) data. As pressure is increased, TN is weakly suppressed with dTN/dP≈−0.1 K/kbar. T∗, on the other hand, is suppressed quite rapidly, with dT∗/dP≈−2 K/kbar, extrapolating to a possible quantum phase transition at Pc∼15 kbar.