This chapter describes the significance of magnetic and thermoelectric (TE) materials in developing modern technologies for cooling applications. The recent trends in utilizing different approaches in both magnetocaloric (MCE) and TE materials for improving the cooling efficiency are explained here. MCE and TE materials have been a hot topic since the last few decades. Although refrigeration efficiency of materials in these categories has been improved remarkably by various approaches such as optimization of phase transformations, magnetic transitions, nano-structuring, etc. There are still some problems, which should be tackled to further optimize the overall efficiency. Similarly, the mechanism underlying the magnetic interactions involved in MCE materials and thermal transport associated with TE materials are also discussed here in detail.