The preparation of biomass flame retardants with efficient flame‐retardant properties is conducive to the realization of sustainable development and is of great practical significance. In this work, a green and sustainable biomass flame retardant PATAPEI was prepared by using phytic acid (PA), tannic acid (TA), and polyethyleneimine (PEI) as reactants via a one‐step method to develop biomass flame retardants that can synchronize enhanced flame retardation, smoke suppression, and mechanical performance of epoxy resin (EP). The EP with only a 3% PATAPEI (EP/3PTP) has a LOI value of 28.5% with a UL‐94 V‐0 classification. The peak heat release rate (PHRR), total heat release (THR), and total smoke release (TSR) of EP/3PTP were decreased by 29.72%, 25.80%, and 21.16%, respectively, in comparison with the ones of pure EP. Additionally, the tensile and impact strengths of EP/3PTP are higher than the ones of pure EP. PATAPEI on heating decomposes to produce phosphorus‐containing acids and biphenyltriol‐containing compounds, which promote to form a good char layer with the aromatic structures during the combustion of EP/3PTP. Therefore, PATAPEI has prospects of wide application in the development of sustainable biomass flame retardant EP.