Ethylene vinyl acetate (EVA) copolymer has been used extensively in many fields. However, EVA is flammable and releases CO gas during burning. In this work, a composite flame retardant with ammonium polyphosphate (APP), a charring–foaming agent (CFA), and a layered double hydroxide (LDH) containing rare-earth elements (REEs) was obtained and used to improve the flame retardancy, thermal stability, and smoke suppression for an EVA matrix. The thermal analysis showed that the maximum thermal degradation temperature of all composites increased by more than 37 °C compared with that of pure EVA. S-LaMgAl/APP/CFA/EVA, S-CeMgAl/APP/CFA/EVA, and S-NdMgAl/APP/CFA/EVA could achieve self-extinguishing behavior according to the UL-94 tests (V-0 rating). The peak heat release rate (pk-HRR) indicated that all LDHs containing REEs obviously reduced the fire strength in comparison with S-MgAl. In particular, pk-HRR of S-LaMgAl/APP/CFA/EVA, S-CeMgAl/APP/CFA/EVA and S-NdMgAl/APP/CFA/EVA were all decreased by more than 82% in comparison with pure EVA. Furthermore, the total heat release (THR), smoke production rate (SPR), and production rate of CO (COP) also decreased significantly. The average mass loss rate (AMLR) confirmed that the flame retardant exerted an effect in the condensed phase of the composites. Meanwhile, the combination of APP, CFA, and LDH containing REEs allowed the EVA matrix to maintain good mechanical properties.