Elastocaloric cooling is currently under extensive study owing to its great potential to replace the conventional vapor-compression technique. In this work, by employing multiscale characterization approaches, including in situ neutron diffraction in a loading frame, in situ transmission electron microscopy observation at different temperatures, in situ synchrotron X-ray Laue micro-diffraction, and high-resolution infrared thermal imaging, we have investigated the thermal and stress-induced martensitic transformation, the stability of superelastic behavior and the associated elastocaloric effect for a Heusler-type Ni50.0Fe19.0Ga27.1Co3.9 single crystal. On the basis of transformation from cubic austenite into monoclinic martensite with a flexibly and reversibly transferring interface, this unique single crystal exhibits a giant elastocaloric effect of 11 K and ultralow fatigue behavior during above 12 000 mechanical cycles. The numerical simulation shows that the Ni50.0Fe19.0Ga27.1Co3.9 alloy offers 18% energy saving potential and 70% cooling capacity enhancement potential compared to the conventional shape-memory nitinol alloy in a single-stage elastocaloric cooling system, making it a great candidate for energy-efficient air conditioner applications