A cooling system referred to here as the Ettingshausen cooler, based on the Ettingshausen and Nernst‐Ettingshausen effects is studied. It is shown that under dynamic conditions, these two effects are coupled and provide a mechanism for producing a cooling effect. Thermodynamic analysis is carried out and the coefficient of performance is determined. The analysis produced a dimensionless thermomagnetic figure of merit, which sets the requirements on the material's properties. For effective cooling, materials with high thermomagnetic numbers are required. A brief review of the relevent transport processes is made, which shows that intrinsic semiconductors, within certain temperature ranges, are most suitable for the Ettingshausen cooler.