Two-dimensional (2D) transition metal oxides (TMOs) are an emerging class of nanomaterials. Using density functional theory and ab initio molecular dynamics (AIMD) simulations, we carried out a systematic study of atomically thin metal oxide phases with compositions MO, M 2 O 3 , and MO 2 , for transition metal elements Sc, Ti, V, Cr, and Mn. We identified nine thermally stable structures that may be realized as free-standing nanosheets: hexagonal h-Sc 2 O 3 , h-V 2 O 3 , and h-Mn 2 O 3 ; hexagonal t-VO, t-CrO, and t-MnO; and square sq-TiO, sq-VO, and sq-MnO. The t-MO phases are novel hexagonal structures which emerged naturally from phase transformations observed during AIMD simulations. The 2D TMOs were found to exhibit a wide range of remarkable electronic and magnetic properties, indicating that they are bright candidates for electronic and spintronic applications. Most exceptional in this regard is h-V 2 O 3 , that is the only phase that has been experimentally realized so far, and was found to be a ferromagnetic half-metal with Dirac-cone-like bands.