Geosynchronous (GEO) spaceborne–airborne very high-frequency ultra-wideband bistatic synthetic aperture radar (VHF UWB BiSAR) can conduct high-resolution and wide-swath imaging for ocean scenes. However, GEO spaceborne–airborne VHF UWB BiSAR imaging faces some challenges such as the geometric configuration, huge amount of echo data, serious range–azimuth coupling, large spatial variance, and complex motion error, which increases the difficulty of the high-efficiency and high-precision imaging. In this paper, we present an improved bistatic fast factorization backprojection (FFBP) algorithm for ocean scene imaging using the GEO satellite-unmanned aerial vehicle (GEO-UAV) VHF UWB BiSAR, which can solve the above issues with high efficiency and high precision. This method reconstructs the subimages in the orthogonal elliptical polar (OEP) coordinate system based on the GEO satellite and UAV trajectories as well as the location of the imaged scene, which can further reduce the computational burden. First, the imaging geometry and signal model of the GEO-UAV VHF UWB BiSAR are established, and the construction of the OEP coordinate system and the subaperture imaging method are proposed. Moreover, the Nyquist sampling requirements for the subimages in the OEP coordinate system are derived from the range error perspective, which can offer a near-optimum tradeoff between precision and efficiency. In addition, the superiority of the OEP coordinate system is analyzed, which demonstrates that the angular dimensional sampling rate of the subimages is significantly reduced. Finally, the implementation processes and computational burden of the proposed algorithm are provided, and the speed-up factor of the proposed FFBP algorithm compared with the BP algorithm is derived and discussed. Experimental results of ideal point targets and natural ocean scenes demonstrate the correctness and effectiveness of the proposed algorithm, which can achieve near-optimal imaging performance with a low computational burden.