Improving the flame retardancy and lightweight of fluorosilicone rubber (FSR) foam is important for its application in aerospace, rail transportation, petrochemical equipment, etc. In this work, ammonium polyphosphate (APP) and expandable graphite (EG) were used as synergistic flame retardants, and the lightweight FSR composite foam with flame retardancy was prepared by supercritical N2 foaming. When there were 12.5 phr APP and 7.5 phr EG, the composite foam with density of 0.254 g/cm3 showed superiority in foaming performance and flame retardancy, and the limit oxygen index was 36.4%, the UL‐94 grade reached V‐0, the ignition time was 12 s and the fire performance index was 0.071 s·m2/kW. In addition, the aging, oil and solvent resistance of FSR foam was not affected. This work provided data support for the production and application of the flame retardant FSR foam.