We have synthesized polycrystalline Nd3Se4 by the solid state sealed tube reaction route followed by structural characterization and magnetic property measurements. The temperature-dependent magnetization studies reveal the existence of competing magnetic interactions below the ferromagnetic ordering (TC ≈ 48.4 K). The observation of hysteresis in the isothermal magnetization M(H) data with the coercive field of ≈ 0.25 T at 2 K indicates dominant ferromagnetic interactions in the applied field. The nonsaturating behavior of M(H) data at higher applied field and kinks in corresponding dM/dHvs. H plots suggest the coexistence of multiple magnetic interactions at low temperatures. Using the M(T,H=2 T) data, the Rhodes-Wohlfarth ratio (qc/qs) has been estimated to be ≈ 3.6, which supports the itinerant magnetism in Nd3Se4. These competing interactions have been further investigated by AC-susceptibility measurements at various excitation frequencies. The χ′ reduces drastically with an increase in the applied DC field, as observed from isothermal field-dependent AC-χ studies. Additionally, the strong correlation between delocalized charge and localized magnetic moments is evident from ρ(T) measurements at H = 0 and 5 T. The ρ(T,H=0 T) data shows a clear drop having quadratic temperature dependence, below TC. Furthermore, the inter-dependence between electrical transport and magnetism has been established firmly through negative magnetoresistance, in which the maxima correspond to the coercive field obtained from M(H) data.