A novel topological insulator with tunable edge states, called a quantum spin–quantum anomalous Hall (QSQAH) insulator, is predicted in a heterostructure of a hydrogenated monolayer on a substrate by using ab initio methods. The substrate induces a drastic staggered exchange field in the film, which plays an important role to generate the QSQAH effect. A topologically nontrivial band gap (up to 35 meV) is opened by Rashba spin-orbit coupling, which can be enlarged by strain and an electric field. To understand the underlying physical mechanism of the QSQAH effect, a tight-binding model based on and orbitals is constructed. With the model, the exotic behaviors of the edge states in the heterostructure are investigated. Dissipationless chiral charge edge states related to one valley are found to emerge along both sides of the sample, whereas low-dissipation spin edge states related to the other valley flow only along one side of the sample. These edge states can be tuned flexibly by polarization-sensitive photoluminescence controls and/or chemical edge modifications. Such flexible manipulations of the charge, spin, and valley degrees of freedom provide a promising route towards applications in electronics, spintronics, and valleytronics.