The magnetic properties of the two-site Hubbard cluster (dimer or pair), embedded in the external electric and magnetic fields and treated as the open system, are studied by means of the exact diagonalization of the Hamiltonian. The formalism of the grand canonical ensemble is adopted. The phase diagrams, on-site magnetization, spin-spin correlations, mean occupation numbers and hopping energy are investigated and illustrated in figures. An influence of temperature, mean electron concentration, Coulomb U parameter and external fields on the quantities of interest is presented and discussed. In particular, the anomalous behaviour of the magnetization and correlation function vs. temperature near the critical magnetic field is found. Also, the effect of magnetization switching by the external fields is demonstrated.It is quite clear that the properties of nanoclusters are influenced by the interaction of these systems with the environment. From the thermodynamic point of view such interaction may involve the coupling with the external fields, flow of heat or flow of mass. Therefore, the methods of theoretical description for the most general case, when all these interactions are present, should be based on the grand canonical ensemble.Taking the above facts into account, in our previous paper [64] we developed an exact analytical method for studies of the Hubbard pair-cluster embedded simultaneously in two fields: magnetic and electric one, and exchanging the electrons with its environment. In that general approach, the mean number of electrons localized on the cluster can be a non-integer number at a finite temperature, whereas the two fields can compete with each other, influencing the cluster properties. Considering such a cluster (dimer), the exact analytical diagonalization of the Hamiltonian has been performed and the grand partition function has been found.In the previous paper [64] we concentrated only on the calculations of the chemical potential, which is a necessary parameter for the full thermodynamic description of the open system. Those comprehensive investigations paved the way for further statistical-thermodynamic studies of the system in question, including the analysis of the magnetic properties.The aim of the present paper is to study the magnetic properties of the Hubbard pair-cluster, embedded simultaneously in the magnetic and electric fields and exchanging the electrons with the cluster environment, whereas the system is in thermal equilibrium. The theoretical method, developed in [64], will be used here for the studies of the magnetic phase diagrams, on-site magnetizations, spin-spin correlation function, mean hopping energy and mean occupation numbers. The influence of the external fields, temperature, as well as the variable electron concentration on these quantities will be presented.