The electronic structures and magnetic properties of two-dimensional MgAl2S4 monolayer, as well as the adsorption configurations, adsorption energy, and charge transfer phenomena of transition metal atoms adsorbed on both pristine and defective monolayer MgAl2S4 surfaces were systematically investigated. The results show that MgAl2S4 at equilibrium is a nonmagnetic indirect semiconductor with a bandgap of 1.908 eV. The adsorption energies of the adsorbed structures on both pristine and defective MgAl2S4 surfaces are negative, indicating good stability for all configurations. The adsorption of transition metal atoms leads to the transformation of the MgAl2S4 monolayer from non-magnetic semiconductor to magnetic semiconductor, bipolar magnetic semiconductor, half-metal, and metal. In addition, there is a good modulation of the bandgap. The significant charge transfer between MgAl2S4 monolayer and the transition metal atoms implies the formation of chemical bonds. The lower work function implies that the MgAl2S4 and transition metal atom adsorption structures benefit electron emission. Thus, research has revealed that the adsorption configurations of transition metal atoms on the surface of MgAl2S4 monolayer offers new possibilities for the fabrication of spintronic devices, the design of highly efficient catalysts, and the application of emission devices.