The development of efficient green flame retardants is an important way to realize more sustainable epoxy thermosets and downstream materials. In this work, a monoepoxide is synthesized through O-glycidylation of eugenol, and then reacted with DOPO (9,10-dihydro-9-oxa-10-phosphophenanthrene-10-oxide) to obtain a new bio-based flame retardant, DOPO-GE. DOPO-GE is blended with a bisphenol A epoxy prepolymer exhibiting good compatibility and DDS (4,4′-diaminodiphenylsulfone) is used as the curing agent to afford epoxy thermosets. Although DOPO-GE leads to the reduced glass transition temperature of the thermosets, the storage modulus increases considerably. The DOPO-GE-modified thermosets exhibit the high thermal stability with the onset thermal decomposition temperature in nitrogen and air exceeding 300°C. When the phosphorus content in the thermoset is 1.0%, the residual yield of the thermosets at 750°C in nitrogen increases from 13.9% to 30.6%, due to the increased charring ability. More interestingly, when the phosphorus content is only 0.5%, the limiting oxygen index is as high as 30.3% with UL94 V0 achieved. Cone calorimeter results reveals the significantly decreased heat release rate, total heat release, mass loss and total smoke production. Furthermore, DOPO-GE can notably improve the flexural strength, flexural modulus and fracture toughness, whereas the shear and impact strength are reduced to varied extents. In short, DOPO-GE can be obtained via a facile way, and shows the good flame-retardant effect on the epoxy thermosets with an application potential.