Flame retardants (FRs) often reduce the mechanical properties of polymer materials, and FR/microcellular polyurethane elastomer (MPUE) composite materials have not been systemically studied. Hence, we conducted this study on FR/MPUE composites by using multiple liquid FRs and/or expandable graphite (EG). Compared with liquid flame retardants, the LOI of an expandable graphite/dimethyl methylphosphonate (EG/DMMP) (3:1) combination was significantly increased (~36.1%), and the vertical combustion grade reached V-0 without a dripping phenomenon. However, the corresponding tensile strength was decreased by 17.5%. With the incorporation of EG alone, although the corresponding LOI was not a match with that of DMMP/EG, there was no droplet phenomenon. In addition, even with 15 wt% of EG, there was no significant decline in the tensile strength. Cone calorimeter test results showed that PHRR, THR, PSPR, and TSR were significantly reduced, compared to the neat MPUE, when the EG content surpassed 10 wt%. The combustion process became more stable and thus the fire risk was highly reduced. It was found that flame retardancy and mechanical properties could be well balanced by adding EG alone. Our proposed strategy for synthesizing FR/MPUE composites with excellent flame retardancy and mechanical properties was easy, effective, low-cost and universal, which could have great practical significance in expanding the potential application fields of MPUEs.