The application (or removal) of a magnetic field to the ferromagnetic Gd metal near its Curie point (293 K) will produce adiabatic heating (or cooling) of 14 K or isothermal expulsion (or absorption) of 32 kJ of heat per liter of Gd metal. A refrigerator and a heat engine are described for which porous Gd metal forms the rim of a wheel rotating into and out of a magnetic field region. Fluid forced to flow through the porous metal exchanges heat; the field and flow configurations are such that the metal executes a magnetic Stirling cycle allowing a very wide temperature span (many times 14 K) while maintaining the 32‐kJ/l capacity. Efficiencies approaching that of Carnot are expected at 1‐Hz rotation rates, resulting in 32‐kW/l refrigeration or heating capacity.