Melamine foam is widely used in daily life and building materials due to its superior flame retardancy properties, thermal insulating effects, smoke suppressive ability, low toxicity, and sound absorption properties. To increase the practicality of melamine foam, most research has focused on extending resin storage duration and preparing low‐toxic, high‐strength foam. In this study, allyl glycidyl ether was used to modify melamine resin, and the modified resin was able to demonstrate a longer storage duration as compared to the conventional resins, and the storage time for the modified resin has exceeded 90 days, and a low free formaldehyde content (0.05 ppm). Furthermore, the as‐prepared foam exhibited excellent flame retardancy properties (limiting oxygen index [LOI] = 38.5%, it could easily pass the UL‐94‐0 grade), low‐volume water absorption (0.94%), and lower thermal conductivity (0.0225 W·m−1·K−1). Concurrently, the foam prepared based on the optimal conditions possessed a high compressive strength of 5.08 MPa, which was ca. 17.5 times higher than that of the conventional melamine foam. Thus, it is expected that this melamine resin modification approach can provide a new approach for the preparation of high‐performing foams.