Multicomponent polycrystalline TbInxCo2–x (with х = 0–0.2) solid solutions are prepared for the first time, and their crystal structure and magnetic, magnetocaloric, and magnetostrictive properties are studied. X-ray diffraction patterns taken at room temperature demonstrate mainly the presence of the cubic C15 Laves phase in all samples. As the indium content increases to x = 0.1, the lattice parameter is found to increase; the further increase in the indium content to х = 0.2 leads to a decrease in the lattice parameter. In this case, the Curie temperature TC monotonically increases to 245 K. The isotheral magnetic entropy change ΔSmag is calculated in accordance with magnetic measurements using the thermodynamic Maxwell’s relation. At a magnetic field change from 0 to 1.8 T, the maximum entropy change monotonically decreases and, for composition with x = 0.2, is 1.8 J/(kg∙К). As the indium content increases to x = 0.05, the volume magnetostriction increases. The further increase in the indium concentration leads to the decrease in the peak values and their shift to high temperatures.