In recent years, the use of first-principles based atomistic modeling technique has become extremely popular to gain better insights on the various locally modulated electronic properties of nano materials and structures. Atomistic modeling offers the benefit of predicting crystal structures, visualizing orbital distribution and electron density, as well as understanding material properties which are hard to access experimentally. The single layer MoS2 has emerged as a suitable choice for the next generation nano devices, owing to its distinctive electrical, optical and mechanical properties like, better electrostatics, increased photo luminescence, higher mechanical flexibility, etc. The realization of decananometer scale digital switches with the single layer MoS2 as the channel may provide many significant advantages such as, high On/Off current ratio, excellent electrostatic control of the gate, low leakage, etc. However, there are quite a few critical issues such as, forming low resistance source/drain contacts, achieving higher effective mobility, ensuring large scale controlled growth, etc. which need to be addressed for successful implementation of the atomically thin transistors in integrated circuits. Recent experimental demonstration showing the coexistence of metallic and semiconducting phases in the same monolayer MoS2, has attracted much attention for its use in ultra-low contact resistance-MoS2 transistors. Howbeit, the electronic structures of the metallic-to-semiconducting phase boundaries, which appear to dictate the carrier injection in such transistors, are not yet well understood. In this work, we first develop the geometrically optimized atomistic models of the 2H-1T′ hetero-phase structures with two distinct phase boundaries, β and γ. We then apply density functional theory to calculate the electronic structures for those optimized geometries. Furthermore, we employ non equilibrium Green’s function formalism to evaluate the transmission spectra and the local density of states in order to assess the Schottky barrier nature of the phase boundaries. Nonetheless, the symmetry of the source-channel and drain-channel junction, is a unique property of a metal-oxide semiconductor field effect transistor (MOSFET), which needs to be preserved while realizing sub-10 nm channel length devices using advanced technology. Employing experimental-findings-driven atomistic modeling technique, we demonstrate that such symmetry might not be preserved in an atomically thin phase-engineered MoS2- based MOSFET. It originates from the two distinct atomic patterns at phase boundaries (β and β*) when the semiconducting phase (channel) is sandwiched between the two metallic phases (source and drain). Next, using first principles based quantum transport calculations we demonstrate that due to the clusterization of “Mo” atoms in 1T′ MoS2, the transmission along the zigzag direction is significantly higher than that in the armchair direction. Moreover, to achieve excellent impedance matching with various metal contacts (such as, “Au”, “Pd”, etc.), we further develop the atomistic models of metal-1T′ MoS2 edge contact geometries and compute their resistance values. Other than the charge carrier transport, analysing the heat transport across the channel is also crucial in designing the ultra-thin next generation transistors. Hence, in this thesis work, we have investigated the electro-thermal transport properties of single layer MoS2, in quasi ballistic regime. Besides the perfect monolayer in its pristine form, we have also considered various line defects which have been experimentally observed in mechanically exfoliated MoS2 samples. Furthermore, a comprehensive study on the phonon thermal conductivity of a suspended monolayer MoS2, has been incorporated in this thesis. The studies presented in this thesis could be useful for understanding the carrier transport in atomically thin devices and designing the ultra-thin next generation transistors.