The magnetocaloric effect in the MnxFe2−xP1−yGey intermetallic compounds with the amount of Mn in the range of x = 1.05 to 1.17 and amount of Ge in the range of y = 0.19 to 0.22 has been studied. It was found that a higher Ge/P ratio causes an increase in Curie temperature, magnetocaloric effect at low field (up to 1 T), activation energy of structural transition and a decrease in thermal hysteresis, as well as transition enthalpy. Contrary to this observation, higher Mn/Fe ratio causes a decrease in Curie temperature, slight decrease of magnetocaloric effect at low magnetic field, and an increase in thermal hysteresis. Simultaneous increase of both ratios may be very advantageous, as the thermal hysteresis can be lowered and magnetocaloric effect can be enhanced without changing the Curie temperature. Some hints about optimization of the composition for applications at low magnetic fields (0.5 T to 2 T) have been presented.