A novel two-dimensional metal organic framework MgBTC [MgBTC(OCN)2·2H2O, where BTC = 1,3,5-benzenetricarboxylate] has been synthesized solvothermally and characterized by single crystal XRD, powder XRD, FT-IR spectra. The low-temperature molar heat capacities of MgBTC were measured by temperature modulated differential scanning calorimetry (TMDSC) over the temperature range from 190 to 350 K for the first time. No phase transition or thermal anomaly was observed in the experimental temperature range. The thermodynamic parameters of MgBTC such as entropy and enthalpy relative to reference temperature of 298.15 K were derived based on the above molar heat capacities data. Moreover, the thermal stability and decomposition of MgBTC was further investigated through thermogravimetry (TG)-mass spectrometer (MS). Four stages of mass loss were observed in the TG curve. TG-MS curve indicated that the products of oxidative degradation of MgBTC are H2O, N2, CO2 and CO. The powder XRD showed that the mixture after TG contains MgO and graphite.