Wood presents excellent opportunities for sustainable urbanism as a renewable building material. Here, the chemical synthesis of a novel wood composites (3%PFeW) which owns flame‐retardance, water resistance, and degradability is investigated. The 3%PFeW is composed of porous wood framework impregnated with citric acid, 1,8‐octanediol, and the flame retardants (Fe3O4 and 2‐carboxyethyl phenyl hypophosphite (CEPPA)). The 3%PFeW's effective flame retardancy is realized by the introduction of Fe3O4 and CEPPA. Self‐extinguish phenomenon of 3%PFeW happens after being removed from flame. Moreover, 3%PFeW holds an LOI value of 27, reaching V0 flame retardant standard. The 3%PFeW exhibits exceptional water resistance, being proven by its water contact angle (100 °) as well as the low absorbed water content (only 6.5% after soaking 7 days). In addition, the wood composite shows degradable after immersion in NaOH for several days (71.37% degradation content after 7 days), which facilitates the recycling and reutilization of the wood framework after utilization. The modified wood with flame‐retardant, water resistant, and degradable capabilities shown here provides an appealing composite toward building area.