Reduced electron screening in two-dimension plays a fundamental role in determining exciton properties, which dictates optoelectronic and photonic device performances. Considering the explicit electron-hole interaction within the GW −Bethe-Salpeter formalism, we first study the excitonic properties of pristine phosphorene and investigate the effects of strain and impurity coverage. The calculations reveal strongly bound exciton in these systems with anisotropic spatial delocalization. Further, we present a simplified hydrogenic model with anisotropic exciton mass and effective electron screening as parameters, and the corresponding results are in excellent agreement with the present GW −BSE calculations. The simplified model is then used to investigate exciton renormalization in few-layer and heterostructure phosphorene. The changes in carrier effective mass along with increasing electron screening renormalizes the exciton binding in these systems. We establish that the present model, where the parameters are calculated within computationally less expensive first-principles calculations, can predict exciton properties with excellent accuracy for larger two-dimensional systems, where the many-body GW −BSE calculations are impossible. arXiv:1810.11994v1 [cond-mat.mes-hall]