Using first-principles calculations, we predict a stable two-dimensional atomically thin material MgN4. This material has a perfect intrinsic electron-hole compensation characteristic with high carrier mobility, making it a promising candidate material with extremely large magnetoresistance. As the magnetic field increases, the magnetoresistance of the monolayer MgN4 will show a quadratic dependence on the strength of the magnetic field without saturation. Furthermore, nontrivial topological properties are also found in this material. In the absence of spin-orbit coupling, the monolayer MgN4 belongs to a topological nodal-line material, in which the band crossings form a closed saddle-shape nodal-ring near the Fermi level in the Brillouin zone. Once the spin-orbit coupling is considered, a small local energy gap is opened along the nodal ring, resulting in a topological insulator defined on a curved Fermi surface with 2 = 1. The combination of two-dimensional single-atomic-layer thickness, an extremely large magnetoresistance effect, and topological non-trivial properties in the monolayer MgN4 makes it an excellent platform for designing novel multi-functional devices.