The rare existence of a magnetocaloric effect, a Griffith phase, and frustrated magnetism in the antisite disorder compound La1.5Ca0.5CoMnO6 have been investigated in detail in this work. The nature of the observed Griffith phase (at TG ∼ 226 K) can be best understood in terms of ferromagnetic (FM) entities within the globally paramagnetic network above the Curie temperature. From the isothermal magnetization measurement around Curie temperature (TC ∼ 157 K) and cluster glass transition temperature (Tg ∼ 51 K), we have determined the maximum entropy change (−ΔSM) as ∼2.2 J/kg K and ∼1.2 J/kg K, respectively, for a magnetic field variation of 7 T. Interestingly, a sudden drop of resistivity curve at Tg, associated with magnetic frustration or magnetic disorder, can be related to the ferromagnetic (FM) phases with antiferromagnetic antiphase boundaries, giving rise to a large negative magnetoresistance (∼67%) at 45 K.