Here we explore the structural, magnetic, and dielectric properties of Na5Co15.5Te6O36, which reveal development
of a short-range magnetic correlation and a dielectric anomaly in the system above Nèel temperature
(TN=) of 50 K. Low-temperature neutron powder diffraction (NPD) without any external magnetic field clearly
indicates that the canted spin structure is responsible for the antiferromagnetic transition, and this canted spin
structure brings several short-range ferromagnetic and antiferromagnetic correlations, and partially occupied Co
form short-range magnetic correlation with other Co. Interestingly, a structural change in terms of changes in the
lattice parameters and consequent development of dielectric anomaly around similar temperature is also recorded
in the system. Additionally, the isothermal remanent magnetization and electron-spin resonance measurements
reveal the presence of short-range magnetic correlations which coincide with an anomaly in the dielectric
constant vs temperature curve. Further, a sharp jump in the magnetic-field-dependent magnetization clearly
indicates the presence of metamagnetic transition, and magnetic-field-dependent NPD confirms that rotations
of Co spins with applied magnetic field are responsible for this metamagnetic phase transition. Consequently,
a magnetocaloric effect is developed in the system, which is suitable for the application in low-temperature
refrigeration.