A giant magnetocaloric effect across the ferromagnetic (FM) to paramagnetic (PM) phase transition was observed in chemically synthesized Co2FeAl Heusler alloy nanoparticles with a mean diameter of 16 nm. In our previous report, we observed a significant enhancement in its saturation magnetization (M
s) and Curie temperature (T
c) as compared with the bulk counterpart. Motivated by those results, we aim here to explore the magnetocaloric properties near the T
c. The magnetic entropy change () shows a positive anomaly at 1252 K. increases linearly with the magnetic field, and a large value of ∼15 J kg−1 K−1 is detected under a moderate field of 14 kOe. It leads to a net relative cooling power of 89 J kg−1 for the magnetic field change of 14 kOe. To confirm the nature of magnetic phase transition, a detailed study of its magnetization is performed. The Arrott plot and nature of universal curve conclude that the FM to PM phase transition in the present system is of second-order.