A novel bio-based flame retardant, MHPA, was synthesized with magnesium hydroxide (MH) and phytic acid (PA) and was added to low-density polyethylene (LDPE) with melamine cyanurate (MCA) to investigate the flame retardant, mechanical property and thermal stability of the LDPE composites. The limit oxygen index (LOI) and cone calorimeter test (CCT) results showed that the combination of MHPA and MCA can increase the LOI of LDPE composite to 21.6%, and its peak of heat release rate (pHRR), total heat release (THR) and total smoke production (TSP) values reduced by 46.8%, 20%, and 31.6% respectively compared with pure LDPE, while the residue after CCT was increased to 24.4%. Moreover, the addition of MCA can effectively improve the thermal stability of LDPE/MHPA composites and suppress their early decomposition.