The results of a study of the magnetocaloric effect (MCE) in Ni2.25Mn0.75Ga0.93Si0.07 alloy are presented in the cast state and in the state after multi-axial isothermal forging (MIF) at 700°C and true degree of deformation e = 3.19. It is shown that as a result of MIF, the initial equiaxed microstructure is transformed into a bimodal one in which large grains 100–200 μm in size are surrounded by a layer of fine-grained microstructure.As a result of MIF, the range of martensitic transformation is slightly shifted to the region of low temperatures by about 5°C. The analysis of phase transformations in the region of room temperatures shows that the intervals of martensitic and magnetic phase transformations are superimposed on each other. The MCE value in a magnetic field of 1.8 T is 0.59ºC in the initial cast state, and as a result of forging it decreases to 0.55°C.