The metamagnetic martensitic transformation from the ferromagnetic austenite phase to the paramagnetic martensite phase was excited in the Co50Fe7V25Ga18 Heusler alloy near room temperature. Accompanying the transformation, the alloy exhibits a good magnetocaloric effect near room temperature with a cooling capacity of 17.02 J/kg under 3 T magnetic field at 302 K and the cusp-type anomalous of the resistivity with the magnetoresistance effect of ∼ 2.27% under a 3 T magnetic field. The power law equations for the temperature dependence of resistivity indicates the actuality of half-metallic properties. Our experimental results indicate that Co50Fe7V25Ga18 Heusler alloy is likely to become a potential candidate for room-temperature magnetic refrigeration and magnetic sensors applications.