Replacing antimony trioxide (Sb2O3) with an environmentally friendly alternative is of great scientific and commercial value for studying the flame retardant properties of flexible PVC (fPVC) films in automotive interior materials. This study develops flame retardant fPVC films with reduced Sb2O3 content by introducing stannic oxide (SnO2) and zinc borate (ZB). The results indicate that the fPVC film with ZB partially replacing Sb2O3 exhibits superior flame retardancy and smoke suppression compared to the product containing SnO2. The peak heat release rate (PHRR), total heat release (THR), and total smoke release (TSR) of 2ZB/2Sb2O3 fPVC film are reduced by 32.1%, 27.5%, and 22.1%, respectively, compared to that of 4Sb2O3 contained fPVC film. The increase in flame retardancy is attributed to the presence of ZB, which compensates for the deficiency of char formation ability of Sb2O3 in the condensed phase. The PHRR and THR of 2SnO2/2Sb2O3 fPVC film decrease by 27% and 12.5%, respectively, compared to that of 4Sb2O3 fPVC film, while the TSR increases by 16.5%. This study develops a straightforward approach to creating a flame retardant fPVC film that is suitable for the latest industrial application in automotive interior materials.