In this study, X-ray absorption spectroscopy (XAS) experiments for Ni45Co5Mn36.7In13.3 metamagnetic shape memory alloy were performed under high magnetic fields up to 12 T using a pulsed magnet. Field–induced reverse transformation from martensite phase to austenite phase caused considerable changes in the magnetic circular dichroism (MCD) signals and the magnetic moments of the Mn, Ni, and Co with ferromagnetic coupling were determined. The spin magnetic moment, Mspin, and orbital magnetic moment, Morb, of Mn atom in the induced austenite ferromagnetic phase, estimated based on the sum-rule analysis, were 3.19 and 0.08 μB, respectively, resulting in an Morb / Mspin ratio of 0.03. In the element-specific magnetization curves obtained at 150 K, metamagnetic behavior associated with the field–induced reverse transformation was clearly observed and the transformation magnetic fields could be detected. There was almost no change in the magnetically averaged XAS spectrum for Mn-L2,3 edges between in the martensite and in the magnetic field-induced austenite phases, however, it was visible for Ni. This implies that Ni 3d-electrons mainly contribute to martensitic transformation.