The magnetic refrigeration as a potential alternative refrigeration technique to the conventional vapor-compression techniques is highly regarded for its high energy efficiency and environmental friendliness. The magnetic refrigeration is based on the magnetocaloric effect of magnetocaloric materials which is the critical component of a magnetic refrigerators. The application of the magnetic refrigerators depends on the performance of magnetocaloric materials, among which Mn-Fe-P-Si alloys have been attracting a great deal of attention. Mn-Fe-P-Si alloys are considered to have great promising magnetic refrigerants near room temperature due to their giant magnetocaloric effect, low material cost and tunable magnetocaloric performance. Therefore, this work reviews the recently research progress on the magnetocaloric effect and its performance modulation of Mn-Fe-P-Si alloys in order to provide a reference for the further research on the Mn-Fe-P-Si alloys as magnetic refrigerants.