A first order transition from a paramagnetic-austenite phase to a ferromagnetic-martensite phase occurring in off-stoichiometry single crystals of Ni2MnGa at 313 K presents unique features due to the multifunctional character of the magnetic shape memory alloy. A remarkable magnetocaloric effect, associated with an entropy change up to ΔS≈−86 J kg−1 K−1 and an adiabatic temperature change ΔT≈2.2 K, accompanied by mechanical strain Δε⩾3% have been observed in samples subjected to changes of the applied magnetic field ΔH=4×106 A∕m (≈5 T). The effects of magnetic field, temperature, and stress on the entropy variationΔS are quantified and compared.