CrI3 single layer, as a two‐dimensional magnet, is of great interest for next generation ultra‐thin spintronics. In this letter, based on first principles calculation, the electronic structure and magnetic behavior of CrI3 single layer are studied. The extremely strong Cr 3d–I 5p hybridization, which is responsible for the exceptional ferromagnetic behavior and the highest magnetic ordering temperature among the CrX3 (X = Cl, Br, I) family, can be ascribed to the impetuous covalency of iodine. An insulator to half metal transition can be regulated by the strategy to form a Cr defect in the pristine monolayer and this unique electron state is independent of the defect concentration and the value of electron correlation. Meanwhile, the half metal becomes an itinerant ferromagnet mediated by I 5p conduction electron, a potential candidate for real application.