Wood is an important renewable material exhibiting excellent physical and mechanical properties, environmental friendliness, and sustainability, and has been widely applied in daily life. However, its inherent flammability and susceptibility to fungal attack greatly limit its application in many areas. Use of fire-retardant coatings and preservatives has endowed wood with improved safety performance; importantly, the cooperative effect of dual treatments on the burning behavior and flame retardancy of wood needs to be better understood. Here, a two-step treatment for wood is proposed, with a copper–boron preservative (CBP) and a fire-retardant coating. The thermal degradation and burning behavior of treated wood were investigated. The CBP formed a physical barrier on the wood surface, facilitating a charring process at high temperatures and thus suppressing the release of heat and smoke. Notably, the dual-treated wood exhibited lower heat release and reduced smoke emission compared with the mono-treated wood, indicating a cooperative effect between CBP and fire-retardant coatings, beneficial to the improvement of fire safety. This experimental work improved fire retardance and suppressed smoke release in flammable materials, and offers a new design for developing fire-retardant coatings.