Doping has been widely employed to functionalize two-dimensional (2D) materials because of its effectiveness and simplicity. In this work, the electronic and magnetic properties of pristine and doped KF monolayers are investigated using first-principles calculations based on density functional theory (DFT). Phonon dispersion curves and ab initio molecular dynamics (AIMD) snapshots indicate good stability of the pristine material. The band structure shows an insulating behavior of the KF monolayer, with indirect gaps of 4.80 (6.53) eV as determined using the PBE (HSE06) functional. Its ionic character is also confirmed by the valence charge distribution and Bader charge analysis, and is generated by charge transfer from the K-4s orbital to the F-2p orbital. Doping at both anion and cation sites is explored using N/O and Ca/Sr as dopants, respectively, due to their dissimilar valence electronic configuration in comparison with that of the host atoms. It is found that the KF monolayer is significantly magnetized, where total magnetic moments of 2.00 and 1.00 μB are obtained via N and O/Ca/Sr doping, respectively. Moreover, the appearance of new middle-gap energy states leads to the development of a magnetic semiconductor nature, which is regulated by N-2p, O-2p, Ca-3d, Ca-4s, Sr-4d, and Sr-5s orbitals. Further investigation of codoping indicates that a magnetic-semiconductor nature is preserved, where the synergistic effects of dopants play a key role in the electronic and magnetic properties of the codoped systems. The results presented herein introduce doping as an efficient approach to functionalize the ionic KF monolayer to obtain prospective d0 spintronic materials, a functionality that is not accounted for by the pristine monolayer.