A specific heat of the magnetic solid exhibiting AFM–FM phase transition is computed using the Landau-type theory of phase transitions. The experimentally observed dependence of the specific heat value on the external magnetic field is modelled. It is shown, that this dependence has strong influence on the giant magnetocaloric effect (MCE), which is inherent to the solids exhibiting the phase transitions accompanied by the strong change of magnetization value: the disregard of this dependence leads to the noticeable overestimation of adiabatic temperature change, which is the practically important characteristic of MCE. The temperature change characterizing the giant MCE observed in Fe–Rh alloys is computed. The reasonable agreement between the available experimental data and obtained theoretical results is demonstrated.