Mechanical alloying (AM) and powder metallurgy(PM) have been widely used in many fields especially in the development of new alloy materials due to the advantages of simple process, high material utilization rate and accurate material ratio. In this investigation, experimental procedures were proposed to explore the phase transformation characteristics, elastrocalaric refrigeration effect of Fe-Co alloys synthesized by AM and PM. The samples of Fe-Co elastrocalaric refrigeration alloy with different phase transformation temperatures and different enthalpy changes have been successfully prepared by changing the initial ratio of Co element. The results show that the phase transformation characteristics have changed with the increase of Co content and showed different changing trends.