The electronic and magnetic properties of cobalt (Co) doped monolayer (ML) tungsten diselenide (WSe2) are investigated using the density functional theory with the on-site Hubbard potential correction (DFT+U) for the localized d orbitals of Co atom taking into account the spin orbit coupling (SOC) interaction. The results show that the substitution of Co at the W sites of ML WSe2 is energetically favorable under Se rich environment. We noticed that the Hund's exchange splitting (\Delta H_{ex}) is dominant over the crystal field splitting (\Delta_{cf}). The induced magnetic moment due to the Co-doped defect is ~3.00 \mu_B per Co atom. The magnetic interaction between two Co atoms at the nearest neighbor separation depends mainly on the concentration of the impurity atoms. The calculated value of curie temperature (TC) is increasing with increasing impurity concentration satisfying the Zener model. Based on the results, it can be proposed that the Co-doped WSe2 monolayer is potential candidate to apply in spintronics, optoelectronics, and magnetic storage devices.