This paper aims at updating the progress on the phosphorus-based flame retardants specifically designed and developed for fibers and fabrics (particularly referring to cotton, polyester and their blends) over the last five years. Indeed, as clearly depicted by Horrocks in a recent review, the world of flame retardants for textiles is still experiencing some changes that are focused on topics like the improvement of its effectiveness and the replacement of toxic chemical products with counterparts that have low environmental impact and, hence, are more sustainable. In this context, phosphorus-based compounds play a key role and may lead, possibly in combination with silicon-or nitrogen-containing structures, to the design of new, efficient flame retardants for fibers and fabrics. Therefore, this review thoroughly describes the advances and the potentialities offered by the phosphorus-based products recently developed at a lab-scale, highlighting the current limitations, open challenges and some perspectives toward their possible exploitation at a larger scale.