Herein, the giant magnetoresistance (MR) and magnetocaloric effect (MCE) of highly textured Ni45Mn36.5In13.5Co5 alloys are investigated. The Ni45Mn36.5In13.5Co5 alloys are grown using the liquid-metal-cooling directional solidification technique. In the scanning electron microscopy (SEM) image, unique bamboo-like transverse stripes perpendicular to the long axis of grains are observed, which may lead to the giant MR of the sample. For the magnetic field change of 10 kOe, the giant MR value at 268 K is ≈−64%, which is rather big among similar bulk alloys. The MCE is evaluated via the magnetic entropy change. In H⊥ and H∥ magnetic fields of 30 kOe, the maximum entropy change (Formula presented.) is 13.5 and 15.3 J kg−1 K−1, and the effective refrigeration capacity (RC) reaches ≈108 and ≈117 J kg−1. The detailed results indicate that the MCE properties of the studied alloys vary in different directions under a low magnetic field; however, the difference is not very significant under a high magnetic field.