The effect of Co on the structural, magnetic and magnetocaloric effect (MCE) of Ni 50-x Co x Mn 38 Sb 12 (x=0,2,3,4,5) Heusler alloys was studied. Using x-ray diffraction, we show the evolution of the martensitic phase from the austenite phase. The martensitic transition temperature is found to decrease monotonically with Co concentration. Remarkable enhancement of MCE is observed near room temperature upon Co substitution. The maximum magnetic entropy change of 34 Jkg -1 K -1 was achieved in x=5 at 262 K in a field of 50 kOe and a value of 29 Jkg -1 K -1 found near room temperature. The significant increase in the magnetization associated with the reverse martensitic transition is responsible for the giant MCE in these compounds. Recently there has been a great interest in Ni-Mn based Heusler alloys because of the observation of first order martensitic transformation around room temperature. These alloys received a lot of attention for showing both magnetic shape memory effect and large magnetocaloric effect [6-8]. Among the Heusler alloys, the highest MCE has been reported in Ni 55 Mn 20 Ga 25 single crystals (∆S M = -86Jkg -1 K -1 in a field of 50kOe), which is due to the coincidence of first order structural transition and the magnetic transition [7]. Other materials showing promising MCE from the Ni-Mn family are Ni-Mn-Sn [9], Ni-Mn-In [10] and Ni 12]. All these alloys generally show inverse (negative) MCE, i.e., the entropy change is positive on applying the magnetic field. It is reported that Ni-Mn-Sb based Heusler alloys undergo first order magneto-structural transition from martensite phase (tetragonal or orthorhombic) to austenite phase (cubic), resulting