The search for new large band gap quantum spin Hall (QSH) and quantum anomalous Hall (QAH) insulators is critical for their realistic applications at room temperature. Here we predict, based on first principles calculations, that the band gap of QSH and QAH states can be as large as 1.01 eV and 0.35 eV in an H-decorated Bi(111) film. The origin of this giant band gap lies both in the large spin-orbit interaction of Bi and the Hmediated exceptional electronic and structural properties. Moreover, we find that the QAH state also possesses the properties of quantum valley Hall state, thus intrinsically realising the so-called valley-polarized QAH effect. We further investigate the realization of large gap QSH and QAH states in an H-decorated Bi(110) film and X-decorated (X=F, Cl, Br, and I) Bi(111) films. 71.70.Ej, Since their discovery [1,2], there is growing interest in topological insulators (TIs), which host conducting surface states inside the bulk insulating gap. The gapless surface states are topologically protected by time reversal symmetry (TRS) and robust to nonmagnetic perturbations [3][4][5]. The first theoretically predicted [6] and experimentally observed [7] TI is a HgTe/CdTe quantum well structure that is a two-dimensional (2D) TI, also known as quantum spin Hall (QSH) insulator. In a QSH insulator, pairs of dissipationless edge channels with opposite spins exist, leading to extraordinary properties and possible applications in low dissipation electronic devices. On the other hand the realization of the Quantum Anomalous Hall (QAH) effect, which was first suggested to occur in a honeycomb lattice model [8], has been achieved recently in Cr-doped topological insulators (Bi,Sb) 2 Te 3 [9] via suppressing one of the spin channels [10,11], but requires extremely low temperatures (30 mK). For obtaining the room temperature QSH-and QAHbased electronic devices, searching for novel materials with large band gaps as well as stable atomic and magnetic structures has been a fairly important topic in the field. In spite of extensive efforts so far [12][13][14][15][16][17][18][19][20][21][22][23][24], most of known systems with desired topological properties have a small band gap, which greatly obstructs their potential room temperature applications.Valley polarization, as a new degree of freedom in honeycomb lattices in addition to the intrinsic charge and spin, has received considerable attention in recent years [25,26]. The valley Hall conductivity can be non-zero when the inversion symmetry is broken, realizing the quantum-valley Hall (QVH) effect characterized by so-called valley Chern number [25]. Quite recently, a new quantum state, valley-polarised QAH state that exhibits the electronic properties of both QVH state and QAH state has been predicted in silicene through tuning the extrinsic spin-orbit coupling (SOC) with broken TRS [27]. It provides a new way to design the dissipationless valleytronics. However, the presence of both, inversion symmetry and TRS, as well as the small SOC in pristine silicene ...