The SrTiO3 normalΣ5 [001] twist grain boundary (GB) is studied using first‐principles density functional theory calculations. Three types of GB structures, SrO/SrO (S/S), SrO/TiO2 (S/T), and TiO2/TiO2 (T/T), are modeled and their relative thermodynamic stabilities are examined. Our calculations show that the S/S and S/T structures can be formed within appropriate synthesis conditions, with the S/S structure thermodynamically favored over the S/T structure within a wide range of chemical potentials, while the T/T structure is unlikely to form. The segregation behavior of oxygen vacancies is also investigated by calculating oxygen vacancy formation energies with respect to the distance from GB plane. In the S/S system, oxygen vacancies tend to segregate to the layer adjacent to the GB layer, while in the S/T system, oxygen vacancies tend to segregate to the GB layer itself. In both S/S and S/T systems, oxygen vacancy formation energy is lower than that in bulk SrTiO3. To clearly show the experimental conditions necessary to promote oxygen vacancy formation in the 2 GB systems, we also generate grain boundary phase diagrams for oxygen vacancy with respect to synthesis temperature and oxygen partial pressure. Our calculations reveal different segregation behaviors and distributions of oxygen vacancies in the S/S and S/T systems, providing a possible avenue for GB engineering.