Based on the point-coupling density functional, the time-odd deformed relativistic Hartree-Bogoliubov theory in continuum (TODRHBc) is developed. The effects of nuclear magnetism on halo phenomenon are explored by taking the experimentally suggested deformed halo nucleus 31Ne as an example. For 31Ne, nuclear magnetism contributes 0.09 MeV to total binding energy, and the breaking of Kramers degeneracy results in a 0 – 0.2 MeV splitting in the canonical single particle spectra. The blocked neutron level has a dominant component of the p wave and is marginally bound. However, if we ignore nuclear magnetism, the level becomes unbound. This shows a subtle mechanism that nuclear magnetism changes the single particle energies, causing a nucleus to become bound. Based on the TODRHBc results, a prolate one-neutron halo is formed around the near-spherical core in 31Ne. The nucleon current is mostly contributed by the halo rather than the core, except near the center of the nucleus. A layered feature in the neutron current distribution is observed and studied in detail.