While plastics are regarded as the most resourceful materials nowadays, ranging from countless utilities including protective or decorating coatings, to adhesives, packaging materials, electronic components, paintings, furniture, insulating composites, foams, building blocks and so on, their critical limitation is their advanced flammability, which in fire incidents can result in dramatic human fatalities and irreversible environmental damage. Herein, epoxy-based composites with improved flame-resistant characteristics have been prepared by incorporating two flame retardant additives into epoxy resin, namely 6-(hydroxy(phenyl)methyl)-6H-dibenzo[c,e][1,2]oxaphosphinine-6-oxide (PFR) and boric acid (H3BO3). The additional reaction of 9,10-dihydro-oxa-10-phosphophenanthrene-10-oxide (DOPO) to the carbonyl group of benzaldehyde yielded PFR, which was then used to prepare epoxy composites having a phosphorus content ranging from 1.5 to 4 wt%, while the boron content was 2 wt%. The structure, morphology, thermal stability and flammability of resulted epoxy composites were investigated by FTIR spectroscopy, scanning electron microscopy (SEM), thermogravimetric analysis, differential scanning calorimetry, and microscale combustion calorimetry (MCC). Thermogravimetric analysis indicated that the simultaneous incorporation of PFR and H3BO3 improved the thermal stability of the char residue at high temperatures. The surface morphology of the char residues, studied by SEM measurements, showed improved characteristics in the case of the samples containing both phosphorus and boron atoms. The MCC tests revealed a significant reduction in flammability as well as a significant decrease in heat release capacity for samples containing both PFR and H3BO3 compared to the neat epoxy thermoset.