Multifunctional nanoscale devices integrating multiple functions are of great importance for meeting the requirements of next-generation electronics. Herein, using first-principles calculations, we propose multifunctional devices based on the two-dimensional monolayer MoSi2As4, where a single-gate field-effect transistor (FET) and FET-type gas sensor are integrated. After introducing the optimizing strategies, such as underlap structures and dielectrics with a high dielectric constant (κ), we designed a 5 nm gate-length MoSi2As4 FET, whose performance fulfilled the key criteria of the International Technology Roadmap for Semiconductors (ITRS) for high-performance semiconductors. Under the joint adjustment of the underlap structure and high-κ dielectric material, the on/off ratio of the 5 nm gate-length FET reached up to 1.38 × 104. In addition, driven by the high-performance FET, the MoSi2As4-based FET-type gas sensor showed a sensitivity of 38% for NH3 and 46% for NO2. Moreover, the weak interaction between NH3 (NO2) and MoSi2As4 favored the recycling of the sensor. Furthermore, the sensitivity of the sensor could be effectively improved by the gate voltage, and was increased up to 67% (74%) for NH3 (NO2). Our work provides theoretical guidance for the fabrication of multifunctional devices combining a high-performance FET and sensitive gas sensor.