The multifunctional and tunable properties of spinel oxides bring their applicability in various sustainable applications. In this line, the current work systematically examines the magnetic and magnetocaloric properties of Mn1.5Cr1.5O4. The presence of Mn2+ ions in the tetragonal site leads to complex magnetic interactions. It undergoes a ferrimagnetic to paramagnetic transition at 58 K. The critical exponents obtained from the modified Arrot plot, β = 0.346 and γ = 1.051, suggests that the system does not fall into any of the universal class. The exchange interaction strength reveals the coexistence of short- and long-range ordering. Mn1.5Cr1.5O4 displays a magnetic entropy change of -4.11 J kg−1K−1 and a relative cooling power of 70.68 J kg−1 at 58 K for a field change of 70 kOe. Thus, the major results of the study recommend the applicability of Mn1.5Cr1.5O4 towards gas (fuel, H2) liquefaction based on solid-state active magnetic refrigeration technology.