The armored cable used in a deep-sea remotely operated vehicle (ROV) may undergo large displacement motion when subjected to dynamic actions of ship heave motion and ocean current. A novel geometrically exact finite element model for two-dimensional dynamic analysis of armored cable is presented. This model accounts for the geometric nonlinearities of large displacement of the armored cable, and effects of axial load and bending stiffness. The governing equations are derived by consistent linearization and finite element discretization of the total weak form of the armored cable system, and solved by the Newmark time integration method. To make the solution procedure avoid falling into the local extreme points, a simple adaptive stepping strategy is proposed. The presented model is validated via actual measured data. Results for dynamic configurations, motion and tension of both ends of the armored cable, and resonance-zone are presented for two numerical cases, including the dynamic analysis under the case of only ship heave motion and the case of joint action of ship heave motion and ocean current. The dynamics analysis can provide important reference for the design or product selection of the armored cable in a deep-sea ROV system so as to improve the safety of its marine operation under the sea state of 4 or above.