A fire retardant composite adhesive for bonding wood and wood-based elements has been developed and characterized. To obtain the enhanced fire-proof properties of the wood adhesive dispersion based on the poly(vinyl acetate) (PVAc), ceramic fillers (17.5 wt% total)—alumina, silica, kaolin and glass fibers were applied. Moreover, fire retardants such as melamine, melamine phosphate and melamine polyphosphate (up to 7 wt%) were also used. Thermal analysis (TG-DSC), strength tests, rheology, pH and flammability measurements (PCFC) were performed. The best properties of the adhesive were achieved for ceramic additives supported by melamine phosphate. A slight improvement of shear strength, shift of the last decomposition step of PVAc (residue degradation) towards higher temperatures by about 50 °C, reduction in mass loss from 100 wt% to less than 70 wt% and about 30–40% improvement of flammability parameters such as heat release capacity, total heat release or peak heat release rate were found compared to the pure poly(vinyl acetate) adhesive.