Using the Vienna ab initio simulation package (VASP) incorporating both semiempirical and nonlocal van der Waals interaction, the structural, adsorption, and magnetic properties of Ni/BN/Co systems were investigated. We proposed that the relative spin direction of Ni and Co magnets can be easily tuned, because the total energy difference between ferromagnetic (FM) and antiferromagnetic (AFM) states is small. Despite this feature, very interestingly, both Ni and Co layers manifest half-metallic state, whereas the spacer BN layer becomes weak metal for one monolayer (ML) thickness and an insulating barrier for two ML thicknesses. The half-metallic behavior of the magnetic layers seems very robust, because it is independent of the magnetic coupling between Ni and Co. This finding indicates that the Ni/BN/Co system can be used as a potential candidate for tunneling magnetoresistance system.