The intumescent flame retardant ethylene–propylene–diene rubber (EPDM) was prepared using intumescent flame retardant (IFR), including ammonium polyphosphate (APP) /pentaerythrotol (PER) and expandable graphite (EG), as the flame retardant agent. The effects of IFR and EG on the flame retardancy, fire behavior, and thermal stability of the EPDM were investigated. The results show that IFR and EG have excellent synergistic flame retardant effects. When the mass ratio of IFR to EG is 3:1 and the total addition content is 40 phr, the limiting oxygen index (LOI) value of the EPDM material (EPDM/IFR/EG) can reach 30.4%, and it can pass a V-0 rating in the vertical combustion (UL-94) test. Meanwhile, during the cone calorimetry test, the heat release rate and total heat release of EPDM/IFR/EG are 69.0% and 33.3% lower than that of the pure EPDM, respectively, and the smoke release of the material also decreases significantly, suggesting that the sample shows good fire safety. In addition, the flame retardant mechanism of IFR and EG is systematically investigated by thermogravimetric analysis/infrared spectrometry (TG-IR), Fourier transform infrared spectroscopy (FTIR), X-ray photoelectron spectroscopy (XPS), and scanning electron microscopy (SEM), and the results indicate that IFR and EG have only physical interaction. Moreover, the reason why IFR exhibits a poor flame retardant effect in EPDM materials is explained.