Monolayer metal iodides are garnering widespread attention due to their ultralow lattice thermal conductivity and their potential applications in the field of thermoelectrics. Here, we utilized first-principles calculations and Boltzmann transport theory to thoroughly investigate the thermoelectric behavior of monolayer InI. Results indicate that this material functions as a direct bandgap semiconductor and features an exceptionally low lattice thermal conductivity of 0.27 W m−1K−1 at 300 K, a result of its low group velocities and short phonon lifetimes. Furthermore, transport coefficients were calculated with enhanced precision through the Wannier interpolation method, incorporating the HSE06 hybrid functional and spin-orbit coupling (SOC) effects. Remarkably, the maximum thermoelectric figure of merit (ZT) values for monolayer InI demonstrate substantial growth with increased temperatures, surging from 0.31 at 300 K to 1.20 at 450 K for p-type, and escalating from 0.26 at 300 K to 0.72 at 450 K for n-type. These promising low-temperature thermoelectric properties exhibited by monolayer InI suggest its suitability for integration into the production of thermoelectric devices.