Polyethylene terephthalate (PET) foams have the characteristics of being lightweight and high strength, as well as offering good heat resistance, minimal water absorption, etc., and they have been widely used in the wind power field. In addition, they are being promisingly applied in automotive, rail, marine, construction, and other related fields. Therefore, the flame retardancy(FR) of PET foams is an issue that requires investigation. The addition of flame retardants would affect the chain extension reaction, viscoelasticity, and foamability of PET. In this study, zinc diethyl hypophosphite (ZDP) and decabromodiphenylethane (DBDPE) were used to form a synergistic FR system, in which ZDP is an acid source and DBDPE is a gas source, and both of them synergistically produced an expanded carbon layer to improve the flame retardancy of PET foams. The ratio of ZDP and DBDPE is crucial for the carbon yield and the expansion and thermal stability of the char layers. At the ZDP/DBDPE ratios of 9/3 and 7/5, the thickness of the char layers is about 3–4 mm, the limiting oxygen index (LOI) values of FR modified PET are 32.7% and 33.6%, respectively, and the vertical combustion tests both reached the V-0 level. As for the extruded phosphorous/bromine synergism FR PET foams, ZDP/DBDPE ratios of 3:1 and 2:1 were applied. As a result, the vertical combustion grade of foamed specimens could still reach V-0 grade, and the LOI values are all over 27%, reaching the refractory grade.