The search for novel materials with new functionalities and applications potential is continuing to intensify. Quantum anomalous Hall (QAH) effect was recently realized in magnetic topological insulators (TIs) but only at extremely low temperatures. Here, based on our first-principles electronic structure calculations, we predict that chemically functionalized III-Bi honeycombs can support large-gap QAH insulating phases. Specifically, we show that functionalized AlBi and TlBi films harbor QAH insulator phases. GaBi and InBi are identified as semimetals with non-zero Chern number. Remarkably, TlBi exhibits a robust QAH phase with a band gap as large as 466 meV in a buckled honeycomb structure functionalized on one side. Furthermore, the electronic spectrum of a functionalized TlBi nanoribbon with zigzag edge is shown to possess only one chiral edge band crossing the Fermi level within the band gap. Our results suggest that III-Bi honeycombs would provide a new platform for developing potential spintronics applications based on the QAH effect. 1-4 Among the large variety of possible topological phases, quantum anomalous Hall (QAH) insulators 5 have drawn special interest since the QAH state, which supports chiral edge states, is highly suited for spintronics and low-power-consumption electronic applications.6-10 Unlike the quantum Hall state, which relies on the presence of an external magnetic field, the QAH state is realized through the effects of intrinsic spin-orbit coupling (SOC) and intrinsic magnetization in a material. 11 The QAH state was first suggested by Haldane in 1988 using a tight-binding model on a honeycomb lattice, 5 and it has been realized recently in magnetically doped TI thin films.11-15 However, all experimental realizations to date are limited to very low temperatures. It is important, therefore, to search for viable new materials that can support the QAH phase above room temperature, so that the applications potential of these materials can be developed.Theoretical considerations suggest that the QAH effect should be generally achievable in TI thin films via magnetic order (e.g., ferromagnetism), which could be induced through magnetic doping or chemical functionalization.16 Given a quantum spin Hall (QSH) insulator, the QAH phase can be achieved by suppressing one of the two spin-channels via ferromagnetic (FM) ordering. 7,17,18 Many studies have already shown that thin films of elements of groups IV,19,20