We present here a large magnetocaloric effect and refrigerant capacity in Gd36Y20Al24Co20 bulk metallic glass with high thermal stability. A maximum magnetic entropy change of 7.76 J kg−1 K−1 has been observed under a field of 5 T near the Curie temperature of 53 K. The temperature range of the half maximum of the entropy change peak is as large as 76 K, resulting in a refrigerant capacity of about 459 J kg−1. The larger refrigerant efficiency than that of the known crystalline materials suggests that this BMG alloy is a promising candidate for magnetic refrigerants in cryogenic temperature range of 20–100 K.