Both Layered Double Hydroxide (LDH) and MXene are two‐dimensional layered materials recognized for their remarkable flame‐retardant properties. Combining these materials enhances the fabrication of high‐performance flame retardants. In this work, a ternary CoFeCr‐LDH@MXene hybrid material was synthesized via a facile hydrothermal method, effectively mitigating heat release, smoke generation, and toxic gas emissions during the combustion of Thermoplastic Polyurethane (TPU). Compared to pristine TPU, the composite material TPU/2wt%CoFeCr‐LDH@MXene demonstrated reductions in peak heat release rate (pHRR) by 39.4%, total heat release (THR) by 28.3%, peak smoke production rate (pSPR) by 61.1%, total smoke production (TSP) by 31.3%, and peak carbon monoxide release rate (pCO) by 56.7%. The study revealed that the CoFeCr‐LDH@MXene hybrid not only catalyzes the formation of a high‐quality char layer but also facilitates the conversion of harmful gases into CO2. This research provides insights into the development of efficient ternary LDH@MXene flame retardants and TPU composites with significantly enhanced fire safety.