Developing magnetic materials with excellent magnetocaloric effect (MCE) is a vital prerequisite for practical magnetic refrigeration (MR) applications. Herein, a single-phased polycrystalline Gd4Al2O9 compound was fabricated using the co-precipitation method, and its structure, magnetic property together with magnetocaloric performance were investigated. The Gd4Al2O9 compound was found to crystallize in the monoclinic structure space group P21/c with lattice parameters a = 7.4852 Å, b = 10.5561 Å, c = 11.1774 Å, β = 108.95° and V=835.3107 Å3, and the constituent elementals had valence states of Gd3+, Al3+ and O2−. Excellent comprehensive MCE performance was observed for the Gd4Al2O9 compound in low-temperature regions. The obtained values of maximal magnetic entropy change, temperature-averaged entropy change (3 K) and relative cooling power under the magnetic flux density change of 0–7 T are 26.31 J/kg·K, 25.09 J/kg·K and 317.05 J/kg. The Gd4Al2O9 compound shows impressive comprehensive MCE performances compared with some recently reported rare earth-based MR materials with prominent performances, meaning that it is a suitable candidate material for low-temperature MR applications.