We　demonstrate　excellent　superelasticity　and　giant　elastocaloric　effect　in　a　directionally　solidified　Co50.7V333Ga16　alloy.　Owing　to　the　formation　of　[001](A)　preferentially　oriented　columnar　grains,　the　as-grown　alloy　displays　nearly　perfect　superelastic　behaviors　with　fully　reversible　compressive　strain　of　up　to　5.4%,　narrow　stress　hysteresis　of　about　40　MPa　and　a　wide　operating　temperature　window　from　258　to　373　K.　Simultaneously,　a　giant　adiabatic　temperature　change　Delta　T-ad　ad　of　-18.7　K　is　obtained　on　removing　a　uniaxial　stress　of　400　MPa　at　room　temperature,　which　is　in　good　agreement　with　the　theoretical　values　based　on　Maxwell　relation　(-19.0　K)　and　calorimetric　measurements　(-19.9　K).　A　large　vertical　bar　Delta　T-ad　vertical　bar　of　greater　than　12.5　K　is　obtained　over　a　wide　temperature　span　of　at　least　115　K.　Moreover,　both　superelasticity　and　elastocaloric　effect　remain　good　functional　stability　without　any　evident　degradation　for　100　cycles.　(C)　2021　Acta　Materialia　Inc.　Published　by　Elsevier　Ltd.　All　rights　reserved.