Isofield specific heat, C͑T , H͒, of single-crystal Ho 1−x Y x Ni 2 B 2 C (x = 0, 0.25, 0.5, 1) were measured within the ranges 0.5 K Ͻ T Ͻ 50 K and H͑ʈa͒ ഛ 60 kOe. Linearized spin-wave theory is invoked to analyze the field and temperature dependence of the magnetic specific heat and entropy of HoNi 2 B 2 C for T Ͻ T N , H Ͻ H 1 and T Ͻ T N , H Ͼ H 3 . Based on the known low-temperature H-T phase diagram of HoNi 2 B 2 C, this analysis identifies three distinct field regions. (i) The low-field region ͑H Ͻ H 1 ͒ where the collinear, commensurate structure is stabilized, and C M ͑T Ͻ T N , H͒ and S M ͑T Ͻ T N , H͒ are well described by the prediction of linearized antiferromagnetic spin-wave analysis. In particular, ͑ץS M / ץH͒ T Ͼ 0, indicating that cooling can be effected by adiabatic magnetization. (ii) The intermediate-field region ͑H 1 Ͻ H Ͻ H 3 ͒, where the two metamagnetic states (namely at H 1 and at H 2 ) are stabilized. Here no spin-wave analysis is attempted, but it is evident that ͑ץS M / ץH͒ T Ͼ 0 for H Ͻ H 2 while ͑ץS M / ץH͒ T Ͻ 0 for H Ͼ H 2 . (iii) The high-field region ͑H Ͼ H 3 ͒ where the saturated state is being approached. Here, both C M ͑T Ͻ T N , H͒ and S M ͑T Ͻ T N , H͒ follow the description of a ferromagnetic spin-wave analysis; furthermore, ͑ץS / ץH͒ T Ͻ 0, indicating that cooling can be effected by adiabatic demagnetization. The magnetocaloric effect above T N as well as alloying influences on the magnetic properties are discussed.