Magnetocaloric effect and magnetoresistance have been studied in Dy(Co1-xSix)2 [x=0, 0.075 and 0.15] compounds. Magnetocaloric effect has been calculated in terms of adiabatic temperatue change (Delta Tad) as well as isothermal magnetic entropy change (Delta SM) using the heat capacity data. The maximum values of DeltaSM and DeltaTad for DyCo2 are found to be 11.4 JKg-1K-1 and 5.4 K, respectively. Both DSM and DTad decrease with Si concentration, reaching a value of 5.4 JKg-1K-1 and 3 K, respectively for x=0.15. The maximum magnetoresistance is found to about 32% in DyCo2, which decreases with increase in Si. These variations are explained on the basis of itinerant electron metamagnetism occurring in these compounds.