Magnetic refrigeration (MR), exploiting the adiabatic demagnetization phenomena, is preferable over conventional cooling technology due to its high efficiency with environment friendly method 1-3. Owing to this, the earth-abundant Mn-based alloys, i.e. Mn₅Sn₃, crystallizes in Ni₂In type hexagonal structure (space group P6₃/mmc), occupies two non-equivalently sites with opposite spin alignment: Mn_I at 2a site with a moment of 0.8 μ_B and Mn_II at 2(d) site with a moment of 3.8 μ_B and Sn atom occupies 2c site. The temperature and field-dependent dc magnetization measurements have been carried out to study the MCE and exchange bias in Mn₅Sn₃ alloy. The M (T) curve at 100 Oe shows ordering temperature at T_c ~ 227 K and spin glass (SG) transition at T_g ~ 110 K Fig. 1a. The origin of SG is due to geometrical frustration, that comes from vacancy and disordering present at Mn_2d site. Furthermore, the M (H) hysteresis loop at 5 K reveals the typical soft ferromagnetic behaviour, saturation magnetisation (M_S) of 62 emu/g Fig.1(b), where MH loop slightly shifted towards a negative field direction, indicating the presence of exchange bias phenomena with exchange bias field (H_EB) 5.67 mT at 50 K. Apart from this, Isothermal magnetic entropy change (ΔS_M(T)) is (calculated Using Maxwell equation) 2.16 J/Kg-K at 5 T Fig. 2, also ΔS_M(T) evolve with applied magnetic field as - ΔS_M(T) = aHⁿ, where n is local exponent, power law fit gives n = 0.649 (1) Inset of Fig 2(a). From Inset fig. 2(b), It is quite apparent that all the normalized entropy curves with various ΔH values collapse into a single curve, confirming second-order magnetic phase transition. The relative cooling power (RCP) value is obtained as 242 J/kg for a field change of 5 T which is significantly larger than the earlier reported Mn₅Sn₃ study 4. Hence, with negligible thermal/magnetic hysteresis and reasonable RCP, the Mn₅Sn₃ is prominent candidate for MR devices.