NiMnSn ferromagnetic shape memory alloys exhibit martensitic transformation at low temperatures, restricting their applications. Therefore, this is a key factor in improving the martensitic transformation temperature, which is effectively carried out by proper element doping. In this research, we investigated the martensitic transformation and magnetic properties of Ni43Mn46-x SmxSn11 (x = 0, 1, 2, 3) alloys on the basis of structural and magnetic measurements. X-ray diffraction showed that the crystal structure transforms from the cubic L21 to the orthorhombic martensite and gamma (γ) phases. The reverse martensitic and martensitic transformations were indicated by exothermic and endothermic peaks in differential scanning calorimetry. The martensitic transformation temperature increased considerably with Sm doping and exceeded room temperature for Sm = 3 at. %. The Ni43Mn45SmSn11 alloy exhibited magnetostructural transformation, leading to a large magnetocaloric effect near room temperature. The existence of thermal hysteresis and the metamagnetic behavior of Ni43Mn45SmSn11 confirm the first-order magnetostructural transition. The magnetic entropy change reached 20 J·kg−1·K−1 at 266 K, and the refrigeration capacity reached ~162 J·Kg−1, for Ni43Mn45SmSn11 under a magnetic field variation of 0–5 T.