Based on first-principle calculations and experiments, the electronic structure, magnetism, magnetocaloric effect and cold storage properties of HoCu2-xNix (x=0.05–0.5) compounds have been investigated. The theoretical calculations revealed that the magnetic interactions of the HoCu2-xNix compounds were gradually transformed to ferromagnetic states when the Ni element was added above 0.0625. In addition, the Ni element leads to a decreasing Fermi energy level, which results in a significant enhancement of orbital hybridization around the Fermi surface, which may be responsible for the magnetic jump. The magnetic phase transition temperatures of the HoCu1.75Ni0.25 and HoCu1.5Ni0.5 compounds are 14.4 K and 26.0 K, respectively. The ferromagnetic state transition is responsible for the excellent magnetocaloric effect of the HoCu2-xNix compounds under low magnetic fields. The maximum magnetic entropy changes of the HoCu1.75Ni0.25 and HoCu1.5Ni0.5 compounds were 14.7 J/kg K and 11.5 J/kg under varying magnetic fields from 0 to 2 T. In addition, the Ni element make the HoCu2 compound exhibit more excellent cold storage capability. The peak of specific heat capacities of HoCu1.75Ni0.25 and HoCu1.5Ni0.5 compounds were 0.6 J/cm−3K−1 and 0.9 J/cm−3K−1 under 0 T. The present results indicate that HoCu2-xNix (x=0.05–0.5) compounds have promising applications in cryogenic cold storage and magnetic refrigeration.