To clarify how the fire performance of ultra-low density fiberboard (ULDF) can be improved by complex fire-retardants, the limiting oxygen index (LOI) and microstructure of ULDFs with different additive amounts of complex fire-retardants was analyzed. The char yield, chemical bonding, and thermostability of ULDFs treated by different temperatures were also tested. Results showed that the LOI values and compactness of ULDFs were increased with increased amounts of fire-retardants. Three steps of char yield curves in control fiberboard (CF) and mixed fiberboard (MF) were apparent. The preliminary degradation in lignin and cellulose of CF occurred at 300 °C. The cellulose had completely decomposed at 400 °C, but in the case of MF, the lignin and cellulose were not completely decomposed at 400 °C. It was shown that there are different ways to improve the fire resistance of ULDF using boron, nitrogen-phosphorus, silica, and halogen-based fire-retardants. The fiberboard with silicium compounds had the lowest mass loss in three stages and total mass loss. Compared with CF, MF had a lower mass loss. Furthermore, the exothermic peak for MF at around 400.0 °C was decreased, indicating that the fire resistance of ULDF was improved by the complex fire-retardants.