Coexistence of intrinsic ferrovalley (FV) and nontrivial band topology attracts intensive interest both for its fundamental physics and for its potential applications, namely valley-polarized quantum anomalous Hall insulator (VQAHI). Here, based on first-principles calculations by using generalized gradient approximation plus U (GGA+U ) approach, the VQAHI induced by electronic correlation or strain can occur in monolayer RuBr2. For perpendicular magnetic anisotropy (PMA), the ferrovalley (FV) to half-valley-metal (HVM) to quantum anomalous Hall (QAH) to HVM to FV transitions can be driven by increasing electron correlation U . However, there are no special QAH states and valley polarization for in-plane magnetic anisotropy. By calculating actual magnetic anisotropy energy (MAE), the VQAHI indeed can exist between two HVM states due to PMA, a unit Chern number/a chiral edge state and spontaneous valley polarization. The increasing U can induce VQAHI, which can be explained by sign-reversible Berry curvature or band inversion between dxy/d x 2 −y 2 and d z 2 orbitals. Even though the real U falls outside the range, the VQAHI can be achieved by strain. Taking U =2.25 eV as a concrete case, the monolayer RuBr2 can change from a common ferromagentic (FM) semiconductor to VQAHI under about 0.985 compressive strain. It is noted that the edge states of VQAHI are chiral-spin-valley locking, which can achieve complete spin and valley polarizations for low-dissipation electronics devices. Both energy band gap and valley splitting of VQAHI in monolayer RuBr2 are higher than the thermal energy of room temperature (25 meV), which is key at room temperature for device applications. It is found that electronic correlation or strain have important effects on Curie temperature of monolayer RuBr2. These results can be readily extended to other monolayer MXY (M = Ru, Os; X/Y=Cl, Br I). Our works emphasize the importance of electronic correlation and PMA to study FV materials, and provide a pathway to realize VQAHI.