In the field of atomically thin 2D materials, oxides are relatively unexplored in spite of the large number of layered oxide structures amenable to exfoliation. There is an increasing interest in ultra-thin film oxide nanostructures from applied points of view. In this perspective paper, recent progress in understanding the fundamental properties of 2D oxides is discussed. Two families of 2D oxides are considered: (1) van der Waals bonded layered materials in which the transition metal is in its highest valence state (represented by V$_2$O$_5$ and MoO$_3$) and (2) layered materials with ionic bonding between positive alkali cation layers and negatively charged transition metal oxide layers (LiCoO$_2$). The chemical exfoliation process and its combinaton with mechanical exfoliation are presented for the latter. Structural phase stability of the resulting nanoflakes, the role of cation size and the importance of defects in oxides are discussed. Effects of two-dimensionality on phonons, electronic band structures and electronic screening are placed in the context of what is known on other 2D materials, such as transition metal dichalcogenides. Electronic structure is discussed at the level of many-body-perturbation theory using the quasiparticle self-consistent $GW$ method, the accuracy of which is critically evaluated including effects of electron-hole interactions on screening and electron-phonon coupling. The predicted occurence of a two-dimensional electron gas on Li covered surfaces of LiCoO$_2$ and its relation to topological aspects of the band structure and bonding is presented as an example of the essential role of the surface in ultrathin materials. Finally, some case studies of the electronic transport and the use of these oxides in nanoscale field effect transistors are presented.
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