The structure, thermal stability, and mechanical properties of electrospun nanofiber mats obtained from poly(ethylene terephthalate) (PET) solutions in trifluoroacetic acid/dichloromethane were evaluated. The electrospun PET nanofibers were characterized by means of attenuated total reflection Fourier transform infrared spectroscopy, scanning electron microscopy, differential scanning calorimetry, thermogravimetric analysis, limiting oxygen index, and tensile testing. PET-3-hydroxyphenylphosphinyl-propanoic acid (HPP) copolymer was used as the flame-retardant (FR) agent to improve the thermal stability and flammability of the nanofiber mats. HPP is a commercial FR for polyesters which was studied from the viewpoint of chemical reactivity and reaction mechanism. To enhance the tensile strength of the nanofiber mats, the nanofibers were collected on high-speed rotating drum. The results showed that the nanofibers were oriented, and their strength was enhanced by increasing the velocity of the collector. The average diameter of electrospun nanofibers was in the range of 110–240 nm, decreasing with the increasing drum speed. Also the mean pore size of the mats decreased significantly with increasing orientation of the nanofibers. The results showed that HPP improved the flame retardancy of PET.