The new paradigm in electronics consists in realizing the seamless integration of many properties latent in nanomaterials, such as mechanical flexibility, strong spin-orbit coupling (Rashba spin splitting - RSS), and piezoelectricity. Taking cues from the pointers given on 1D ZnO nanowires [ACS Nano 2018, 12, 1811−1820], the concept can be extended to multifunctional 2D materials, which can serve as an ideal platform in next-generation electronics such as self-powered flexible piezo-spintronic device. However, a microscopically clear understanding reachable from the state-of-the-art density functional theory-based approaches is a prerequisite to advancing this research domain. Atomic-scale insights gained from meticulously performed scientific computations can firmly anchor the growth of this important research field, and that is of undeniable relevance from scientific and technological outlooks. This article reviews the scientific progress in understanding 2D materials hosting all the essential properties, i.e., flexibility, piezoelectricity, and RSS. Important 2D semiconducting monolayers that deserve a special mention, include monolayers of buckled MgX (X=S, Se, Te), CdTe, ZnTe, Janus structures of transition metal trichalcogenides, Janus tellurene and 2D perovskites. van der Waals multilayers are also built to design multifunctional materials via modulation of the stacking sequence and interlayer coupling between the constituent layers. External electric field, strain engineering and charge doping are perturbations mainly used to tune the spintronic properties. Finally, the contact properties of these monolayers are also crucial for their actual implementation in electronic devices. The nature of the contacts, Schottky/Ohmic, needs to be carefully examined first as it controls the device's performance. In this regard, the rare occurrence of Ohmic contact in graphene/MgS van der Waals hetero bilayer has been presented in this review article.