A low cost Gd34Ni33Al33 metallic glass with excellent magnetocaloric properties was successfully prepared in the present work. The magnetic properties of the ribbons were measured by constructing the relationship of magnetic entropy change (–ΔSm) on temperature as well as magnetic field. The amorphous alloy shows typical magnetocaloric behaviors, large maximum –ΔSm (11.06 J/(kg·K) under 5 T) and adiabatic temperature rise (4.3 K under 5 T) near 40 K, indicating that the low cost Gd34Ni33Al33 metallic glass is a good candidate material for low temperature magnetic refrigeration.