In this article, oyster shell powder (OSP) was used as fire safety agent with ammonium polyphosphate (APP) in thermoplastic polyurethane (TPU) composites. The synergistic fire safety improvement between OSP and APP was intensively investigated using limiting oxygen index (LOI), UL‐94, smoke density test (SDT), and cone calorimeter test (CCT). There is a good synergistic effect of reducing the fire hazards when OSP was used with APP in TPU. The peak heat release rate (pHRR) of the sample with 2.0‐wt% OSP and 8.0‐wt% APP decreased to 86.8 kW/m2 from 175.7 kW/m2 of the sample with only 10.0‐wt% APP. The SDT results showed that the luminous flux of sample OSP2/APP8 was up to 28.9% at the end of experiment with flame, which was much higher than that of pure TPU (1.5%). The thermal stability and thermal decomposition of TPU composites were characterized by thermogravimetric analysis/Fourier infrared spectrum analysis (TG‐IR). The result revealed the inert gasses (including CO2 and water vapor) produced by the reaction between OSP and APP. A char formed on the surface of composites, hindered the flame spread, reduced the release of combustible gas, and restricted the precursor of smoke into combustion zone.