A device (10) for continuously generating cold and heat by a magnetic effect. The device includes a magnetic field generator (13), which is arranged in at least one crown segment and defines an annular space crossed by a circular coaxial part (11) provided with radial transverse cavities (31) and contains at least one type of magneto-calorific material. The inventive device also includes a circulating pump (27) for axially supplying a heat carrier to the cavities (31). A first collector (33) picks up the heat carrier, which passes through the radial cavities (31) in the area containing the magnetic field generator (13), and a second collector (34) picks up the heat carrier which passes through the radial cavities (31) in an area located outside of the magnetic field generator (13).