We investigate the electronic, the thermal, and the optical properties of BN-codoped MgO monolayers taking into account the interaction effects between the B and the N dopant atoms. The relatively wide indirect band gap of a pure MgO nanosheet can be changed to a narrow direct band gap by tuning the B-N attractive interaction. The band gap reduction does not only enhance the optical properties, including the absorption spectra and the optical conductivity, but also the most intense peak is shifted from the Deep-UV to the visible light region. The red shifting of the absorption spectra and the optical conductivity are caused by the attractive interaction. In addition, both isotropic and anisotropic characteristics are seen in the optical properties depending on the strength of the B-N attractive interaction. The heat capacity is reduced for the BN-doped MgO monolayer, which can be referred to changes in the bond dissociation energy. The bond dissociation energy decreases as the difference in the electronegativities of the bonded atoms decreases. The lower difference in the electronegativities leads to a weaker endothermic process resulting in reduction of the heat capacity. An ab initio molecular dynamics, AIMD, calculation is utilized to check the thermodynamic stability of the pure and the BN-codoped MgO monolayers. We thus confirm that the BN-codopant atoms can be used to gain control of the properties of MgO monolayers for thermo- and opto-electronic devices.