Three first order magnetic phase transitions (FOMT) have been detected at TCPr, TNinter and TCinter over the temperature range from 5 K to 340 K at fields up to 9 T in PrMn1.4Fe0.6Ge2, and the magnetocaloric effect (MCE) around these transitions evaluated. The MCE of two FOMT from planar antiferromagnetism (AFl) to c-axis ferromagnetism (Fmc) around 168 K, and from the Fmc state to the c-axis AFmc state around 157 K have acceptable values compared with those of existing MCE systems. A giant magnetocaloric effect (GMCE) has been observed around 25.5 K associated with the field-induced FOMT from the AFmc to the Fmc+F(Pr) state with an additional Pr magnetic contribution. The MCE value 29.1 J/kg K with field change 7 T is comparable to and even larger than reported values for the best-performed MCE materials. In particular, the giant MCE value of 12.3 J/kg K obtained for the relatively small field change from 0 to 1 T is very beneficial for applications, and this, together with the small magnetic and thermal hysteresis, suggests that PrMn1.4Fe0.6Ge2 may be a promising candidate for magnetic refrigeration applications in the hydrogen liquefication temperature range.