© 2023 IOP Publishing Ltd.Two dimensional (2D) magnetic materials with unique properties offer an ideal platform to study magnetic phase transitions in the low-dimensional systems. In this study, we implement extensive Monte Carlo simulations to investigate the magnetic properties of the 2D V 2 O 3 monolayer. By using finite-size scaling tools, we obtain the critical temperature and critical exponents of the monolayer precisely. Our numerical results demonstrate that 2D V 2 O 3 monolayer belongs to the two-dimensional Ising universality class. Besides, we examine the hysteresis characteristics of the structure and show that V 2 O 3 monolayer is a hard ferromagnetic material with a high coercive field at room temperature.