The magnetocaloric properties of the Jx−Jy Blume–Capel model with Jx/Jy=−0.5 are studied using the two point approximation of the Cluster Variation Method. The phase diagrams exhibit different phases depending on the anisotropy parameter, magnetic field, temperature and exchange interaction ratio. It is shown how the nature of the phase transition changes as parameters are varied. For an anisotropy parameter value of D=1.45, a tricritical point and a reentrant behavior are identified. It was found inverse and direct magnetocaloric effect. The inverse magnetocaloric effect of the model is enhanced at low fields and temperatures around jumps between plateaus of magnetization.