The discovery of van der Waals intrinsic magnets has expanded the possibilities of realizing spintronics devices. We investigate the transmission, tunneling magnetoresistance ratio, and spin injection efficiency of bilayer LaI2 using a combination of first-principles calculations and the non-equilibrium Green’s function method. Multilayer graphene electrodes are employed to build a magnetic tunnel junction with bilayer LaI2 as ferromagnetic barrier. The magnetic tunnel junction turns out to be a perfect spin filter device with an outstanding tunneling magnetoresistance ratio of 653% under a bias of 0.1 V and a still excellent performance in a wide bias range. In combination with the obtained high spin injection efficiency this opens up great potential from the application point of view.