Ni 41 Co 9 Mn 31.5 Ga 18.5 is a magnetic Heusler alloy, which indicates metamagnetic transition at the reverse martensite transition. In this paper, caloric measurements were performed and discussed about magnetocaloric effect. We also performed magnetization measurements around Curie temperature T C in the martensite phase and analyzed by means of the spin fluctuation theory of itinerant electron magnetism. From the differential scanning calorimetry (DSC) measurements in zero fields, the value of the latent heat λ was obtained as 2.63 kJ/kg, and in magnetic fields the value was not changed. The entropy change ΔS was − 7.0 J/(kgK) in zero fields and gradually increases with increasing magnetic fields. The relative cooling power (RCP) was 104 J/kg at 2.0 T, which was comparable with In doped Ni 41 Co 9 Mn 32 Ga 16 In 2 alloy.The results of magnetization measurement were in agreement with the theory of Takahashi, concerning itinerant electron magnetism. From the M 4 vs H/M plot, the spin fluctuation temperature T A can be obtained. The obtained T A was 703 K and which was smaller than Ni (1.76 × 10 4 K). The value was comparable to that of UGe 2 (493 K), which is famous for the strongly correlated heavy fermion ferromagnet.