The present investigation is focused on the structural transformation, microstructure and magnetocaloric effect (MCE) of Ni53Mn24Ga23 alloy in the form of melt spun ribbons prepared by rapid solidification technique. The properties have been compared with bulk alloy prepared by conventional melting-casting route. The rapidly solidified alloys revealed higher magnetic entropy change (−8.5 J.Kg−1K−1) compared to that of bulk (−7.7 J.Kg−1K−1). The high magnetic entropy change and low thermal hysteresis are correlated to different magnetostructural behaviour. © 2018