A monolayer of transition metal trichalcogenides has received a lot of attention as potential two dimensional magnetic materials. The system has a honeycomb structure of transition metal ions, where both spin-orbit coupling and electron correlation effect play an important role. Here, motivated by these transition metal series with effective doping or mixed valence case, we propose the possible realization of magnetic Chern insulators at quarter filled honeycomb lattice. We show that the interplay of intrinsic spin-orbit coupling and electron correlation opens a wide region of ferromagnetic Chern insulating phases in between metals and normal insulators. Within the mean field approximation, we present the phase diagram of a quarter filled Kane-Mele Hubbard model and also discuss the effects of Rashba spin-orbit coupling and nearest neighbor interactions on it.