A multicaloric alloy material combines two isostructural compounds, the first compound being MnNiSi and the second compound being either MnFeGe or CoFeGe, each such compound having extremely different magnetic and thermo-structural properties. The resulting alloy material (MnNiSi).sub.1-x(MnFeGe).sub.x or (MnNiSi).sub.1-x(CoFeGe).sub.x possesses extraordinary magnetocaloric and/or barocaloric properties with an acute sensitivity to applied pressure and no appreciable magnetic hysteresis losses.
 The United States Government has rights in this invention pursuant to Contract No. DE-FG02-13ER46946 with the U.S. Department of Energy (DOE) and Office of Science, Basic Energy Sciences (BES) and Contract No. DE-FG02-06ER46291 with the DOE, Office of Science, BES.