For broad nanoscale applications, it is crucial to implement more functional properties, especially ferroic orders, into two-dimensional materials. Here, ${\mathrm{GdI}}_3$ is theoretically identified as a honeycomb antiferromagnet with a large $4f$ magnetic moment. The intercalation of metal atoms can dope electrons into Gd's $5d$ orbitals, which alters its magnetic state and leads to a Peierls transition. Due to strong electron-phonon coupling, the Peierls transition induces prominent ferroelasticity, making it a multiferroic system. The strain from unidirectional stretching can be self-relaxed via the resizing of triple ferroelastic domains, which can protect the magnet against mechanical breaking in flexible applications.

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• Antiferromagnetism
• Ferroelasticity
• Magnetic phase transitions
• Peierls transition
• Monolayer films
• Density functional calculations