Multi-component alloys have received increasing interest for functional applications in recent years. Here, we explore the magnetocaloric response for Al-Cr-Mn-Co medium-entropy alloys by integrated theoretical and experimental methods. Under the guidance of thermodynamic and ab initio calculations, a dual-phase system with large magnetic moment, i.e., Al₅₀Cr₁₉Mn₁₉Co₁₂, is synthesized, and the structural and magnetocaloric properties are confirmed via characterization. The obtained results indicate that the selected alloy exhibits a co-continuous mixture of a disordered body-centered cubic and an ordered B2 phase. The ab initio and Monte Carlo calculations indicate that the presence of the ordered B2 phase is responsible for the substantial magnetocaloric effect. The magnetization measurements demonstrated that this alloy undergoes a second-order magnetic transition with the Curie temperature of ∼300 K. The magnetocaloric properties are examined using magnetic entropy change, refrigeration capacity, and adiabatic temperature change. The property-directed strategy explored here is intended to contribute to the study of potential multi-component alloys in magnetocaloric applications.