Motivated by the experimental advancements in 2D crystalline germanium oxides, we investigated the electronic and transport properties of GeO and GeO2 monolayers (MLs) using first-principles calculations. GeO ML exhibits an in-plane ferroelectricity until the melting point of 1100 K. Compressive strain facilitates polarization reversion by lowering the ferroelectric transition barrier. The band edges meet the requirements for photocatalytic water splitting across a wide variety of strains. Meanwhile, GeO ML has a high hole mobility of 4854 cm2/V⋅s along the y-axis, owing to its low deformation potential constant. The large difference in hole and electron mobility promotes electron–hole separation. In addition, GeO ML has a low thermal conductivity of κx = 3.37 W/mK and κy = 12.53 W/mK at 300 K, due to the strong anharmonicity caused by lone-pair electrons. In contrast, GeO2 ML has an isotropic electron mobility of 382 cm2/V⋅s and an κ of 22.60 W/mK at 300 K. At last, we discussed the probable reaction to grow 2D GeO crystal and calculated the Raman intensity to distinguish it in future experiments. Our results show that 2D GeO has potential applications in ferroelectrics, thermoelectrics, and water splitting.