Materials with strong magneto‐volume coupling can present a coupled first‐order magnetic and structural transition and a giant magnetocaloric effect. The trade‐off of the resulting increased entropy change is hysteresis, and incomplete transition when the applied field is <2 T, implying that the full cooling capacity of the refrigerant is not harnessed. In this work, the behavior of the magnetic entropy change as a function of temperature is simulated, considering the Bean–Rodbell model, for various spin systems with Curie temperatures close to room temperature. Increasing magneto‐volume coupling parameter (η) results in higher entropy change peak value (ΔSMmax), together with a narrowing of entropy change function ΔSM(T), limiting the working temperature range. Accordingly, cooling capacity behaves non‐monotonously, reaching a peak value at ηMAX, which departs from the tri‐critical point as H increases up to 2 T. By tuning η, the cooling capacity can be considerably larger than the uncoupled system (up to 15–40% for low applied fields). Such tuning can be accomplished experimentally through proper chemical substitution. A universal behavior of cooling capacity as a function of ηMAX underlines that the performance of magnetic refrigerant is optimized, by tuning magneto‐volume coupling within the second order range, rather than the tri‐critical region.