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• The RE 2 Ga 2 Mg (RE = Tm, Er, Ho) compounds were fabricated. • The magnetic and magnetocaloric properties were investigated. • Large conventional and inverse magnetocaloric effects were observed. • The Tm 2 Ga 2 Mg is considerable for cryogenic magnetic cooling. The Mo 2 FeB 2 -type compounds RE 2 Ga 2 Mg (RE = Tm, Er, Ho) (space group P 4/ mbm) exhibit a large magnetocaloric (MC) effect which makes them promising for use in cryogenic magnetic cooling applications. They exhibit low temperature metamagnetic nature below their Néel temperatures of 6.8, 11.7 and 18.4 K for Tm 2 Ga 2 Mg, Er 2 Ga 2 Mg and Ho 2 Ga 2 Mg, respectively. The magnetic entropy change, the temperature-averaged entropy change (3 K-lift), and the relative cooling power under a magnetic field change of 0–7 T are 15.6, 15.4 J/kgK and 275.8 J/kg for Tm 2 Ga 2 Mg; 13.2, 13.0 J/kgK and 268.0 J/kg for Er 2 Ga 2 Mg; as well as 9.1, 9.0 J/kgK and 223.0 J/kg for Ho 2 Ga 2 Mg, respectively. [ABSTRACT FROM AUTHOR]