The overwhelming use of polymer as substitutes for metal, glass, wood, and ceramic has posed the challenge to develop polymer with flame retardant behavior after chemical modification and making composites for effective use of polymer in a wide range of applications. In this context, the present review article describes the advances in the preparation of flame retardant polymer nanocomposite (FPNC) along with the mechanism and properties. The evolved properties of FPNCs are discussed along with illustration and applications such as coating, sheet, and films for different applications in the light chemical composition, size confinement, and dimension alignments.