The crystal field energy levels in UPb 3 have been measured directly with neutron spectroscopy at 50 K. The measurements indicate that the Γ 5 level is the ground state. The overall splitting is 11.5 meV, and the crystal field parameters x, W are: 0.61 and 0.224 meV, respectively. These parameters give an excellent description of the magnetic properties of UPb 3 if 5f 4 configuration and 5I 4 ground multiplet is assumed. The calculated susceptibility is in good agreement with the experimental data obtained by Misiuk et al. , while the zero field magnetization at 4.2 K calculated within the molecular approximation deviates only by 12% from the value determined in the powder neutron-diffraction experiment . On the basis of present neutron spectroscopy results the multiaxial magnetic structure in UPb 3 is postulated.