Caloric (solid) materials are referred to as those whose temperatures alter in responses to applied external fields. Representative examples include magnetocaloric, electrocaloric, and mechanocaloric (elastocaloric or barocaloric) materials. Refrigeration using these materials may yield significant advantages over conventional gas compression techniques. Current research is focused on the development of materials with desirable caloric properties for energy-efficient refrigeration. In this talk, I will first review recent progress in the development of caloric materials for advanced cooling technologies. I will then discuss specifically about the fundamental aspects and prospective applications of magnetocaloric materials, which have been extensively investigated over the past decade for energy-efficient magnetic refrigeration. The advantages and shortcomings of existing magnetocaloric materials will be assessed. Impacts of magnetic phase transitions, reduced dimensionality, and material processing on the magnetocaloric functionality of the material will be discussed. Some novel approaches for improving the materials’ cooling efficiency will be presented. Finally, a new class of multicaloric materials will be proposed.