The influence of two novel aryl phosphate mixtures on fire retardancy and the thermal stability of epoxy resin were studied. Combustion behavior, decomposition pathway, and thermal and thermo‐oxidative degradation of the epoxy resin were examined by using the limiting oxygen index, vertical burning test (UL‐94), cone calorimeter test, thermogravimetric analysis, and thermogravimetry coupled with Fourier‐transform infrared spectroscopy. The morphology of the residues from the degradation of flame‐retarded epoxy resins was investigated by using scanning electron microscopy. Data from the cone calorimeter test demonstrated that the total heat evolved, heat release rate, and peak heat release rate decreased significantly when the epoxy resin contained these retardants. Moreover, a 20 wt% of both phosphate mixtures in the epoxy resin allowed for a satisfactory oxygen index (30–33%) and for UL‐94 V2 to be achieved. The condensed‐phase and gas‐phase actions of these aryl phosphate flame‐retardants are proposed as the mode of flame‐retardancy in epoxy resins. J. VINYL ADDIT. TECHNOL., 23:142–151, 2017. © 2015 Society of Plastics Engineers