The influence of the application of a magnetic field (H) on the temperature (T) dependence of heat capacity and isothermal magnetization has been investigated in Gd2PdSi3, a compound ordering antiferromagnetically below (TN=)21 K in zero H. Among other findings, the one to be emphasized is the observation of significant magnetocaloric effect (MCE) over about a 30 K range with a peak in the vicinity of TN. This finding suggests that this material could be useful for magnetic refrigeration below 50 K. The results also establish that either of the two experimental methods—heat capacity or magnetization—can be applied to identify materials with large MCE.