The magnetic and magnetocaloric properties of the compound Ho2Co3Si5 have been thoroughly investigated. This material crystallizes in single phase with a Lu2Co3Si5-type monoclinic crystal structure, belonging to the space group C12/c1, and exhibits lattice parameters of a = 10.7333(2) Å, b = 11.4132(4) Å, c = 5.4812(2) Å and β = 118.6635(3) \(\:^\circ\:\) . This compound exhibits antiferromagnetic behaviour with a Néel temperature, TN = 10 K. The alloy also demonstrates a second-order magnetic behaviour with isothermal magnetization measurements revealing the presence of metamagnetic transitions. The quadratic dependence of the magnetocaloric effect on the applied magnetic field data in the paramagnetic regime suggests that the applied magnetic field plays a key role in suppressing spin fluctuations. The metamagnetic transition, along with the spin fluctuations, broadens the magnetocaloric curve, thereby enhancing the magnetocaloric effect. A maximum magnetic entropy change of 11.3 J/kg K and a relative cooling power of 226 J/kg are achieved under a magnetic field change of 5 T. Additionally, a magnetoresistance of -16% is observed at T = 2 K, at an applied magnetic field, B = 9 T. These aspects project Ho2Co3Si5 as a suitable material for magnetocaloric applications.