Developing single atom catalysts (SACs) for chemical reactions of vital importance in renewable energy sector has emerged as a need of the hour. In this perspective, transition metal based SACs with monolayer phosphorous (phosphorene) as the supporting material are scrutinized for their electrocatalytic activity towards oxygen reduction reaction (ORR), oxygen evolution reaction (OER) and hydrogen evolution reaction (HER) from first principle calculations. The detailed screening study has confirmed a breaking of scaling relationship between ORR/OER intermediates resulting in varied activity trends across the transition metal series. Group 9 and 10 transition metal based SACs are identified as potential catalyst candidates with platinum single atom offering bifunctional activity for OER and HER with diminished overpotentials. Ambient condition stability analysis of SACs confirmed a different extent of interaction towards oxygen and water compared to pristine phosphorene suggesting room for improving the stability of phosphorene via chemical functionalization.