The structural and magnetic properties have been investigated in the magnetic composites of hard magnetic Barium hexaferrite (BHF) and soft magnetic Ni–Mn–Sn Heusler alloy. The magnetic composites undergo two distinct ferromagnetic to paramagnetic and ferrimagnetic to paramagnetic phase transitions corresponding to alloy and BHF phases, respectively. Magnetic biasing between the hard and soft magnetic phases has been observed in the composites when both the phases are in the ferromagnetic ordering i.e., a squeezing in the magnetic hysteresis curve is observed around H = 0. The squeezing effect may be used in the magnetic memory device application where an optimum coercivity, high remanent magnetization, and high squareness ratio are required. On the other hand, the composites show high magnetocaloric effect with a constant high value of magnetic entropy changes between the two successive magnetic transitions. This gives an advantage with wide working temperature in the magnetocaloric application.