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A small amount of Co was added to the Fe88Ce7B5 glass forming alloy for the possibility of improving its glass formability and magnetocaloric effect. The Curie temperature of the amorphous Fe88-xCe7B5Cox (x = 0, 1, 2, 3) ribbons increases linearly with the Co content, while the maximum magnetic entropy change (−ΔSmpeak) increases to 3.89 J/(kg × K) under 5 T at x = 1 and subsequently decreases with further Co addition. The mechanism for the influence of Co addition on magnetic properties and the magnetocaloric effect of the amorphous alloys was investigated. Furthermore, a flattened −ΔSm profile was designed in the amorphous laminate composed of the amorphous Fe88-xCe7B5Cox (x = 0, 1, 2) ribbons. The high average −ΔSm from ~287 K to ~320 K indicates the potential application perspective of the amorphous hybrid as a magnetic refrigerant of a domestic refrigerator.