The microstructure, magnetic and magnetocaloric properties are investigated in the melt-spun and annealed Ni42.9Co6.9Mn38.3Sn11.9 ribbons. The columnar grains grow perpendicular to ribbon surfaces. After annealing, the grain size increases greatly. Meanwhile, the parent phase is suppressed and therefore L10 martensite predominates, indicating obvious shift of martensitic transformation to high temperature. More interestingly, the martensite variants are distinctly observed on the fractured cross-section of annealed ribbons, not just on the free surface in general. The significant enhancement of magnetic entropy change and effective refrigerant capacities with relatively smaller thermal hysteresis make annealed ribbons potential candidate in magnetic refrigeration around room temperature.