Lycopodium (L.) clavatum powder, due to its uniform particle size distribution and low equilibrium moisture content, is often used as a reference material and a calibration benchmark for dust combustion and dust explosion studies. The aim of the study was to determine its fire and explosion parameters, compare them to values obtained in the previous literature findings, and assess the appropriateness of using lycopodium powder as a reference material. The research included the determination of minimum ignition temperatures of dust layer and dust clouds, spontaneous ignition behavior, and explosion characteristics of dust clouds including maximum explosion pressure, maximum rate of explosion pressure rise, and the lower explosion limit of the air/dust mixture. The results reveal that the maximum equipment temperature used with lycopodium dust should not exceed 215 °C for dust thickness up to 5 mm. In order to eliminate the risk of lycopodium dust ignition, the temperature of the equipment surfaces that can come into contact with the dust cloud should not exceed 300 °C. In order to prevent explosions, the concentration of lycopodium dust in air should not be greater than 15 g/m3. Based on the obtained results, it can be seen that lycopodium fire and explosion parameters vary slightly, and its usage as a benchmark is considered legitimate.