Ferroelasticity, ferromagnetism, half-metallicity, and topological Dirac states are properties extremely sought in two-dimensional (2D) supplies for superior system purposes. Right here, we report first-principles prediction of a dynamically and thermally steady tetragonal vanadium phosphide (t-VP) monolayer that hosts all these fascinating properties. This monolayer is considerably ferromagnetic with polarized spins aligned within the in-plane course through a d–p–d super-exchange coupling mechanism; in the meantime, its tetragonal lattice allows an intrinsic in-plane ferroelasticity with a reversible pressure of 23.4%. Consequently, the ferroelasticity is strongly coupled with ferromagnetism through spin–orbit coupling to allow deterministic management over the magnetocrystalline anisotropy by an utilized elastic pressure. Extra apparently, this multiferroic t-VP monolayer possesses half-metallicity with an anisotropic, topological Dirac cone residing within the majority-spin channel. We additionally predict a multiferroic t-CrN monolayer, whose ferromagnetism incorporates a excessive Curie temperature of as much as 478 Okay however is weakly coupled to its in-plane ferroelasticity. These outcomes counsel a tetragonal 2D lattice as a strong atomic-scale scaffold on the premise of which fascinating digital and magnetic properties might be rationally created by an acceptable mixture of chemical components.