Antiferromagnetism (AF) in AB ′-stacked centrosymmetric bilayer (BL) CrI 3 breaks both spatial inversion (P) and time-reversal (T) symmetries but maintains the combined P T symmetry, thus inducing novel second-order nonlinear optical (NLO) responses such as second-harmonic generation (SHG), linear electric-optic effect (LEO) and bulk photovoltaic effect (BPVE). In this work, we calculate AF-induced NLO responses of the BL CrI 3 based on the density functional theory with the generalized gradient approximation (GGA) plus onsite Coulomb correlation (U), i.e., the GGA+U method. Interestingly, we find that the magnetic SHG, LEO and photocurrent in the AF BL CrI 3 are huge, being comparable or even larger than that of the well-known nonmagnetic noncentrosymmetric semiconductors. For example, the calculated SHG coefficients are in the same order of magnitude as that of MoS 2 monolayer (ML), the most promising 2D material for NLO devices. The calculated LEO coefficients are almost three times larger than that of MoS 2 ML. The calculated NLO photocurrent in the CrI 3 BL is among the largest values predicted so far for the BPVE materials. On the other hand, unlike nonmagnetic semiconductors, the NLO responses in the AF BL CrI 3 are nonreciprocal and also switchable by rotating magnetization direction. Therefore, our interesting findings indicate that the AF BL CrI 3 will not only provide a valuable platform for exploring new physics of low-dimensional magnetism but also have promising applications in magnetic NLO and LEO devices such as frequency conversion, electro-optical switches, and light signal modulators as well as high energy conversion efficiency photovoltaic solar cells.