One of the main disadvantages of epoxy resins is brittleness and flammability, which is one of the biggest threats and the reason for limiting advanced applications. In this study, Epikote 240 (EP) epoxy resin was plasticized with epoxidized flaxseed oil (ELO) at different concentrations (EP/ELO ratios 95/5; 90/10; 85/15; 80/20; 75/25). Then, nanoclay additives and MWCNTs are simultaneously dispersed into the EP/ELO blend by using ultrasonic vibration. The dispersion of ELO and nanoclay additives (nanoclay and MWCNTs) in epoxy resin is observed by using the scanning electron microscope in combination with the XRD method. The effect of ELO, nanoadditives on mechanical properties, and flame retardants is assessed by tensile strength, flexural strength, compressive strength, impact resistance, UL 94HB method, and limiting oxygen index. Experimental results have shown that the mixing ratio of 90/10 w/w is the ratio for good compatibility, high mechanical properties, and fire retardation compared with other ratios. When adding MWCNTs as well as nanoclay I.30E to Epikote 240 epoxy, the mechanical strength and fire resistance have changed greatly: tensile strength of 85.45 MPa, flexural strength of 116.32 MPa, compressive strength of 189.25 MPa, impact resistance Izod of 24.37 kJ/m2, and fire resistance reached at V1.