The optical, magnetic and magnetocaloric properties of HoCr0.5Mn0.5O3 compound have been investigated thoroughly. A multicolour photoluminescence emission was found with the excitation of 294 nm wavelength. The Néel transition temperature was observed around 66 K along with an anomaly ~ 12 K. From the Arrott's plots, fitting a second-order magnetic phase transition was confirmed near 12 K. The magnetic entropy change −∆S was 8.6 J kg−1 K−1 at 12 K under 5-T magnetic field, which is higher than that reported for HoCrO3 ceramic and comparable to HoMnO3 single crystal. The relative cooling power (RCP) value was 317 J/kg. The higher 'RCP' along with significant −∆S and a second-order magnetic transition makes our compound a potential candidate for magnetic refrigeration in the cryogenic temperature range besides a room temperature phosphor material.