Motivated by recent experimental progress in transition metal oxides with the ${\mathrm{K}}_{2}\mathrm{Ni}{\mathrm{F}}_{4}$ structure, we investigate the magnetic and orbital ordering in $\ensuremath{\alpha}\text{\ensuremath{-}}{\mathrm{Sr}}_{2}\mathrm{Cr}{\mathrm{O}}_{4}$. Using first-principles calculations, first we derive a three-orbital Hubbard model, which reproduces the ab initio band structure near the Fermi level. The unique reverse splitting of ${t}_{2g}$ orbitals in $\ensuremath{\alpha}\text{\ensuremath{-}}{\mathrm{Sr}}_{2}\mathrm{Cr}{\mathrm{O}}_{4}$, with the $3{d}^{2}$ electronic configuration for the ${\mathrm{Cr}}^{4+}$ oxidation state, opens up the possibility of orbital ordering in this material. Using real-space Hartree-Fock for multiorbital systems, we constructed the ground-state phase diagram for the two-dimensional compound $\ensuremath{\alpha}\text{\ensuremath{-}}{\mathrm{Sr}}_{2}\mathrm{Cr}{\mathrm{O}}_{4}$. We found stable ferromagnetic, antiferromagnetic, antiferro-orbital, and staggered orbital stripe ordering in robust regions of the phase diagram. Furthermore, using the density matrix renormalization group method for two-leg ladders with the realistic hopping parameters of $\ensuremath{\alpha}\text{\ensuremath{-}}{\mathrm{Sr}}_{2}\mathrm{Cr}{\mathrm{O}}_{4}$, we explore magnetic and orbital ordering for experimentally relevant interaction parameters. Again, we find a clear signature of antiferromagnetic spin ordering along with antiferro-orbital ordering at moderate to large Hubbard interaction strength. We also explore the orbital-resolved density of states with Lanczos, predicting insulating behavior for the compound $\ensuremath{\alpha}\text{\ensuremath{-}}{\mathrm{Sr}}_{2}\mathrm{Cr}{\mathrm{O}}_{4}$, in agreement with experiments. Finally, an intuitive understanding of the results is provided based on a hierarchy between orbitals, with ${d}_{xy}$ driving the spin order, while electronic repulsion and the effective one dimensionality of the movement within the ${d}_{xz}$ and ${d}_{yz}$ orbitals driving the orbital order.