Resistance measurement, in situ optical microscopic observation, thermal and magnetic measurements have been carried out on Ni50Mn34In15.5Al0.5 alloy. The existence of a pronounced premartensitic transition prior to martensitic transition can be characterized by microstructure evolution as well as exothermic peak and smooth decrease of resistance and magnetization with obvious hysteresis over a wide temperature range upon cooling. Consequently, the alloy undergoes two successive magneto-structural transitions consisting of premartensitic and martensitic transitions. Magnetoelastic coupling between magnetic and structural degrees of freedom would be responsible for the appearance of premartensitic transition, as evinced by the distinct shift of transitions temperatures to lower temperature with external applied field of 50 kOe. The inverse premartensitic transition induced by magnetic field results in large magnetoresistance, and contributes to the enhanced inverse magnetocaloric effect through enlarging the peak value and temperature interval of magnetic entropy change ΔSm.