In this study, sodium alginate (SA) aerogel cross-linked with Ca2+ was selected as the basic skeleton to construct a lightweight, flame retardant, and thermal insulating composite aerogel via modification with melamine and phytic acid. The resulting aerogel, SA-1.0 MP, achieved a thermal conductivity as low as 0.0379 W/(m·K). Compared to pristine SA aerogel, SA-1.0 MP demonstrated improved fire resistance, evidenced by a substantial increase in the limiting oxygen index (LOI) from 21.5% to 48.8% and a V-0 rating in the UL-94 test. Furthermore, a synergistic mechanism was proposed to explain its remarkable flame-retardant capability.