In this study, an antidroplet flame retardant system based on FRPET (phosphorus-containing copolyester) is constructed with DOPO-POSS (polyhedral oligomeric silsesquioxane containing DOPO) as an additive flame retardant. It is demonstrated that DOPO-POSS has good dispersibility at a lower amount. When the amount of DOPO-POSS is 9 wt %, the residual char of DOPO-POSS/FRPET at 700 °C increases to 23.56 from 18.16% of FRPET, and the maximum thermal weight loss rate also reduces. What is more is that the limiting oxygen index increases to 33 from 26% of FRPET. The flame burning time is shortened to 4.95 from 20.8 s, the phenomenon of self-extinguishing of the fire occurs, and the vertical combustion level is increased from V-2 to V-0. Compared with FRPET, the peak of the heat release rate decreases by 66.0%, the total heat release decreases by 32.4%, the flame retardancy index (FRI) reaches an excellent value, and the condensed-phase products significantly improve. The Fourier transform infrared spectroscopy (FTIR), scanning electron microscopy−energy dispersive X-ray spectrometry (SEM−EDX), thermogravimetric−FTIR (TG−FTIR), and pyrolysis−gas chromatograph/mass spectrometry (Py−GC/MS) results indicate that DOPO-POSS contributes to the formation of char layers and decomposes to generate free radicals with a quenching effect. In a word, DOPO-POSS is an effective radical trapper and charring agent for PET and exerts a flame retardancy effect in gaseous and condensed phases simultaneously.