In this study, in order to expand the engineering application range of thermoplastic corrugated sheets, flame-retardant thermoplastic corrugated sheets were prepared by the thermoplastic molding method. Based on our previous research results, we prepared flame-retardant prepreg tapes with the flame retardant addition accounting for 15%, 20%, and 25% of the resin matrix. Then, we prepared flame-retardant thermoplastic corrugated sandwich panels with corresponding flame retardant addition amounts. The limiting oxygen index test, vertical combustion test, cone calorimetry test, and mechanical property test were carried out on each group of samples and control group samples. The results showed that when the flame retardant was added at 25%, the flame retardant level could reach the V0 level. Compared with the control group, the flexural strength and flexural modulus decreased by 2.6%, 14.1%, and 19.9% and 7.3%, 16.1%, and 21.9%, respectively. When the amount of flame retardant was 15%, 20%, and 25%, respectively, the total heat release decreased by 16.3%, 23.5%, and 34.1%, and the maximum heat release rate decreased by 12.5%, 32.4%, and 37.4%, respectively.