Recently, HoB 2 was discovered to undergo a gigantic magnetic entropy change; the largest | S M | = 40.1 J kg −1 K −1 (0.35 J cm −3 K −1 ) in magnetocaloric materials studied for hydrogen liquefaction [P. Baptista de Castro et al., NPG Asia Mater. 12, 35 (2020)]. In this study, in order to investigate the origin of the gigantic | S M | in HoB 2 , we studied the magnetic orderings by neutron diffraction with an enriched powder sample of Ho 11 B 2 . Our experimental results showed the onset of ferromagnetic long-range order below T C = 15 K. For the second phase transition at T 2 = 11 K, the spin reorientation occurs, and the temperature dependence of the total magnetic moment of Ho 3+ shows a kink anomaly, which is typically seen in compounds with quadrupolar ordering. In addition, the temperature dependence of the ferromagnetic short-range order above T C is strongly related to that of the magnetic entropy change in HoB 2 . These results infer that the gigantic | S M | in HoB 2 is caused by (i) the spin reorientation transition, which is likely associated with quadrupolar ordering, giving the additional contribution to | S M | at the lower phase transition temperature, T 2 = 11 K, and (ii) the large FM fluctuation above T C with origins in the strong suppression of the FM long-range order.