In this work, the temperature and time dependence of the magnetic properties of a polycrystalline Ni(49.7)Mn(24.1)Ga(26.2) alloy is analysed. The law of approach to magnetic saturation has been employed to estimate the magnetic anisotropy in the three structural phases of the alloy (martensitic, pre-martensitic and austenitic). The temperature dependences of magnetic parameters, such as the magnetic susceptibility and coercive field, are interpreted in terms of the changes in the magnetic anisotropy taking place with the structural transformations. The strong magnetocrystalline anisotropy is confirmed to mainly control the magnetic response of the low temperature martensitic phase. Furthermore, magnetic relaxation studies (magnetic after-effect) have been employed to analyse the main differences between the magnetization processes in the three characteristic structural phases. The time decay of the magnetization displays a distinctive response in the pre-martensitic state. The results (logarithmic time decay of the remanent magnetization and field dependence of the magnetic viscosity) indicate the thermally activated nature of the relaxation process.