The elastocaloric effect and magnetic performance of Ni50Mn31.5Ti18Cu0.5 shape memory alloy were studied. The analysis of magnetic transformation shows that the transformation temperature of the alloy is close to room temperature. A large unloading rate can make the alloy showing smaller hysteresis and lower plastic deformation, and improve the superplasticity of the alloy. With the increase in loading stress, the cooling effect of the alloy is better. When the loading stress is 600 MPa, the ΔT of the alloy reaches 9 K. The alloy has good cycle stability during 100 cycles. Hence, the refrigeration performance of Ni50Mn31.5Ti18Cu0.5 alloy can be compared with many Ni-Mn-based alloys, which indicates that it is a promising elastocaloric refrigeration material.