In this study, a hybrid material with band-shaped nickel ammonium phosphate monohydrate (NiNH 4 PO 4 .H 2 O) (ANP) and reduced graphene oxide (RGO) was devised by the one-pot method. This material is a novel, efficient and non-halogen flame retardant and smoke suppressant. Based on the characterization results, a crystal growth and thermal decomposition process of ANP is proposed, which proves that it has flame retardancy and smoke suppression in the gas phase and condensed phase. When the amount of ANP/RGO was 15 phr (per hundred parts of resin), the total smoke production, peak smoke production rate, total heat release and peak heat release rate of poly(vinyl chloride) (PVC) composite were 49.76%, 59.46%, 47.48% and 69.94% lower respectively than those of pure PVC. Meanwhile, the tensile strength of the PVC composite increased by 6.74%. The results show that ANP/RGO improves the fire safety performance, smoke suppression and mechanical properties of PVC composites. The significant improvement in fire safety performance is mainly attributed to the dilution of combustible gases with ammonia and water generated by the decomposition of ANP/RGO during combustion, and the phosphide in the condensed phase made the residual char crosslinked and denser to protect the substrate more effectively.