A novel oligomeric phosphorous–nitrogen‐containing intumescent flame retardant poly (2,6‐diaminopyridine spirocyclic pentaerythritol bisphosphonate) (PDSPB) is synthesized, and subsequently multiwalled carbon nanotube (MWNT)‐grafted oligomeric intumescent flame retardant, MWNT‐g‐PDSPB, is fabricated via chemical grafting reaction and characterized. The grafting reaction was characterized by FTIR, NMR, and XPS. After high‐density PDSPB (88 wt%) were attached to the MWNTs, core‐shell nanostructures with MWNTs as the hard core and PDSPB as the soft shell were formed. The resultant MWNT‐g‐PDSPB was soluble and stable in polar solvents, such as DMF and DMSO. MWNT‐g‐PDSPB has excellent thermal stability and charring ability. The TEM results showed that the functionalized MWNTs could achieve better dispersion in poly(ethylene vinyl acetate) (EVA) matrix. The residue char of MWNT‐g‐PDSPB is as high as 70 wt%, and the grafting of intumescent flame retardant of PDSPB can improve both the dispersion of MWNTs in polymer matrix and flame retardancy of the nanocomposites. POLYM. COMPOS., 2013. © 2012 Society of Plastics Engineers