A Fe87Zr7B4Co2 amorphous alloy with excellent magneto-caloric effect near room temperature was fabricated in the present work. The amorphous alloy exhibits typical soft magnetic behavior with nearly zero coercivity at a sub-ambient temperature. The glassy ribbon presents a rather high peak value of magnetic entropy change and refrigeration capacity near room temperature compared to other Fe-based amorphous alloys, indicating that the amorphous alloy is a good component of magnetic refrigerants near the hot end of a magnetic air conditioner.