In this research work, we investigate the 2D Schrodinger equation with improved ultra-generalized exponential-hyperbolic potential (IUGE-HP) is scrutinized taking into consideration the effects external magnetic and Aharonov-Bohm (AB) fields within the non-relativistic quantum mechanics regime. The Schrodinger equation in 2D for this consideration is solved using the asymptotic iteration method (AIM), and the energy equation and eigenfunction for the IUGE-HP in the presence of magnetic and AB fields are obtained in a compact form. The numerical energy spectra are analyzed, and it is observed that the presence of the external fields eliminates degeneracy from the spectra and the different values of the control parameter causes shifts in the energy spectra. The thermal and magnetic properties of the IUGE-HP in the presence of this external fields are duly investigated. The variations of the thermal and magnetic properties with control parameter are analyzed for negative (tau < 0 and positive (tau > 0). The present research finds applications in condensed matter, molecular and atomic physics, respectively.