The magnetic shape-memory alloy NiCoMnIn shows, in monocrystalline form, a large reversible magnetic-field-induced strain (MFIS). But it is difficult to achieve the properties in polycrystalline NiCoMnIn alloys. The technique of powder metallurgical preparation of NiCoMnIn foam was studied to improve the properties of polycrystalline NiCoMnIn alloys in the present paper. We introduced a processing route including choosing appropriate space-holding fillers, sintering NiCoMnIn alloy and the filling agent with appropriate grain size. The sintering temperature and time and the optimum volume fraction of the filling agent were determined by analysis of the structure of sintered bulk foams.