The intensities and reduced probabilities of the E1, E2, M1 and M2 transitions between excited states in 168Er are calculated within the quasiparticle-phonon nuclear model. The intensities and reduced probabilities are in reasonably good overall agreement with experimental ones. It is shown that the contribution of the two-phonon configuration to the wavefunction of excited states with energy below 2 MeV is small. The wavefunction of the first Knu pi =41+ state contains the largest double-gamma vibrational term equal to 30%. The dominance of the decay from the first excited 01+ state to the gamma vibrational state over that to the ground state band is in agreement with the experimental data. The specific features of the calculated B(E1), B(E2) and B(M1) values and the relative intensities of the gamma-ray transitions are discussed.