To investigate the effect of crystallization treatment on the structure and magnetocaloric effect of Gd60Co40 amorphous alloy, the melt-spun ribbons were annealed at 513 K isothermally for 20, 40 and 60 min. The results indicate that, with increasing annealing time, the Gd4Co3 (space group P63/m) and Gd12Co7 (space group P21/c) phases precipitated from the amorphous precursor in sequence. In particular, in the samples annealed for 40 and 60 min, three successive magnetic transitions corresponding to the phases of Gd4Co3, Gd12Co7 and remaining amorphous matrix were detected, which induced an overlapped broadened profile of magnetic entropy change (|ΔSM|) versus temperature. Under magnetic field changing from 0 to 5 T, |ΔSM| values of 6.65 ± 0.1 kg−1·K−1 and 6.44 ± 0.1 J kg−1·K−1 in the temperature spans of 180–196 K and 177–196 K were obtained in ribbons annealed for 40 and 60 min, respectively. Compared with the fully amorphous alloy, the enhanced relative cooling power and flattened magnetocaloric effect of partially crystallized composites making them more suitable for the Ericsson thermodynamic cycle.