Two-dimensional (2D) materials with simultaneous magnetic semiconducting properties and negative Poisson's ratio are crucial for fabricating multifunctional electronic devices but remain limited. Herein, on the basis of first-principles calculations, we design the 2D metal−organic framework Cr(DCNQI) 2 (DCNQI = N,N′-dicyanoquinonediimine) as a notable candidate with good dynamic, thermal, and mechanical stabilities. Interestingly, 2D Cr(DCNQI) 2 harbors an unusual in-plane negative Poisson's ratio with a maximum absolute value of 0.85, which is fairly large and scarce in reported auxetic materials. Due to the strong d−p direct exchange magnetic interaction between Cr cations and DCNQI anions, 2D Cr(DCNQI) 2 exhibits intrinsic ferrimagnetism with a relatively high Curie temperature of 217 K. Also, it possesses significant out-of-plane magnetic anisotropy (0.60 meV/Cr). In addition, 2D Cr(DCNQI) 2 behaves as an intrinsic bipolar magnetic semiconductor with a moderate direct band gap of 0.95 eV and small carrier effective masses. Electrical doping induces the transformation of 2D Cr(DCNQI) 2 into a half-metal with controllable spin polarization.