In order to reduce environmental pollution and improve material safety, bio‐based flame‐retardant polymers are gradually becoming a new trend. We synthesized a fully bio‐based flame retardant called PACY by reacting phytic acid (PA) and cytosine (CY) in water, and then mixed the flame retardant with the biodegradable polylactic acid (PLA) to obtain composites, characterizing the performance of the composites by microscopic morphology, thermal properties,flame‐retardant performance and so on. The test results showed that the PLA composite with 2wt% PACY (PLA/2PACY) achieved UL‐94 V‐1 and the PLA composite with 4wt% PACY (PLA/4PACY) had a limiting oxygen index (LOI) of 23.6%. Compared to pure PLA, PLA/4PACY had good flame retardancy with 12% less peak heat release and 19% less total heat release. The flame‐retardant mechanism analysis showed that PACY could promote the formation of graphitized carbon layer after burning PLA, therefore enhancing the flame‐retardant properties of PLA. Through the thermal stability study, it was found that the temperature required for PACY mass loss of 5% (T5%) was 275°C and the residual weight reached 38% at 750°C, which had high thermal stability and residual carbon rate. The addition of PACY also improved the thermal conductivity (TC) of PLA, and the TC of PLA/4PACY was 3.84 times higher than that of pure PLA. In addition, the tensile strength, flexural modulus, maximum force during impact and maximum energy received during fracture of PLA/4PACY increased by 3.3%, 8.1%, 29.2% and 17.5% respectively over pure PLA, effectively improving the mechanical properties of PLA. Overall, this study synthesized a fully bio‐based flame retardant for improving the fire resistance of PLA degradable polymers.This article is protected by copyright. All rights reserved.