The rare–earth based multicomponent (Ce0.71Pr0.07Nd0.22)2Fe17−xSix (x = 0–0.6) alloys were fabricated by conventional arc melting following the standard annealing and quenching processes. The prepared alloys were characterized by X-ray diffraction (XRD), backscattered scanning electron (BSE) microscope, energy dispersive X-ray (EDX) spectroscopy, magnetization, and heat capacity measurements. Combination of Rietveld refinement of XRD patterns, EDX/BSE analyses confirm the formation of stable rhombohedral Th2Zn17 type crystal structure with R-3 m space group in all studied samples. The investigated samples experience second-order phase transition as confirmed through phenomenological universal scaling analysis. The magnetic entropy change (−ΔSM) and associated relative cooling power (RCP) values for all compositions were found in the range of 1.1–1.4 Jkg−1K−1 and 55–66 Jkg−1 under magnetic field change (ΔH) of 0–1 T. The ΔSM curves as a function of temperature exhibit a wide working temperature range (δTFWHM) over 40 K for all studied compositions. The performance-cost ratio − ΔSM/cost and RCP/cost values are estimated to be 0.1 JK−1$−1 and 5.0 J$−1, respectively. In particular, a large adiabatic temperature change of 7.36 K and 8.09 K was achieved for x = 0.2 and x = 0.4, respectively, at low ΔH= 0–1 T. The better performance-cost ratio and good magnetocaloric properties with near-zero magnetic hysteresis loss may make these alloys promising candidates for magnetic refrigeration.