Biomass phytic acid has potential flame retardant value as the main form of phosphorus in plant seeds. In this study, phytate-based flame retardants aluminum phytate (PA-Al) and iron phytate (PA-Fe) were synthesized and characterized. Subsequently, they were introduced into rigid polyurethane foam (RPUF) as flame retardants by one-step water-blown method. The results indicated that RPUF/PA-Fe30 exhibited the highest char residue of 22.1 wt%, significantly higher than 12.4 wt% of RPUF. Cone calorimetry analysis showed that the total heat release (THR) of RPUF/PA-Al30 decreased by 17.0% and total smoke release (TSR) decreased by 22.0% compared with pure RPUF, which were the lowest, demonstrating a low fire risk and good smoke suppression. Thermogravimetric analysis-Fourier transform infrared spectrometer (TG-FTIR) implied the release intensity of flammable gases (hydrocarbons, esters) and toxic gases (isocyanate, CO, aromatic compounds, HCN) of composites was significantly reduced after the addition of PA-Fe. The analysis of char residue indicated that the RPUF composites formed a dense char layer with a high degree of graphitization after the addition of PA-Al/PA-Fe, endowing RPUF composites with excellent mass & heat transmission inhibition effect and fire resistance in the combustion process.