Optical spectra of Co2+ in LiCoPO4 are analyzed theoritecally by using a crystal-field Hamiltonian of Cs local symmetry. In this analysis the energy level scheme is determined Crystal-field parameters are obtained. The influence of the spin-orbit interaction is also considered. Using symmetry considerations the polarized optical absorption spectrum in LiCoPO4 is briefly discussed. Calculations of the temperature dependence of magnetic susceptibility are performed using only a 4F basis. Calculated results are compared with experimental data and satisfactory agreement was obtained.