The potential application of the B3S monolayer with and without Li decorated as hydrogen storage materials (HSMs) were studied using DFT calculations. We found that the interactions between H2 molecule and the pure B3S monolayer is too tiny to meet the requirements of optimal HSMs. The large binding energy (3.00–3.30 eV) of Li atoms on the B3S monolayer effectively hinders Li clustering. The adsorption energy per H2 for H2 molecules on the Li-decorated B3S monolayer is as moderate as between 0.167 and 0.208 eV, and the electrostatic nature of the interactions between H2 and Li-decorated monolayers is found. The Li-decorated B3S monolayers have high gravimetric and volumetric capacity of 7.7 wt% and 94.8 g/L, respectively. The desorption temperature indicates that the Li-decorated B3S monolayers as HSMs have high reversibility over the temperature of 224 K, and AIMD simulations show that H2 molecules have no kinetic hindrance for desorption. Therefore, the Li-decorated B3S monolayers are reversible and high capacity materials for hydrogen storage meeting the targets of U.S. DOE.