Cellulose aerogels are highly attractive candidates in various applications, such as thermal insulation, adsorption separation, biomedical field, and as carriers, due to their intrinsic merits of low density, high porosity, biodegradability, and renewability. However, the expensive cost of the supercritical drying process and poor mechanical properties limit their practical applications. Herein, a new method was presented to fabricate cellulose acetate/benzoxazine hybrid aerogels (CBAs) with low cost, low drying shrinkage, excellent mechanical properties under cryogenic condition (−196 °C), outstanding thermal insulation, flame retardancy, and good thermal stability by ambient pressure drying. In more detail, the weighted drying shrinkage rate of CBAs-T2 can be controlled to 6.8% (the average value along the radial and axial directions), mainly due to the enhanced skeleton, by introducing polybenzoxazine networking chains. The resultant CBAs-T2 exhibit outstanding mechanical properties at room temperature because of the presence of the polybenzoxazine hybrid in the cellulose networking system. CBAs-T2 still have good mechanical properties even after subjecting them to liquid nitrogen treatment. In addition, the optimal value of thermal conductivity (0.033 W m −1 K −1 ) is gained easily because of the uniform cross-linking networking structure and small pore size. A superior flame retardance of CBAs-T2 is endowed to achieve self-extinguishment after ignition, which is attributed to the presence of the aromatic ring in the backbone structure. Moreover, the good thermal stability of CBAs-T2 is attributed to the fact that polybenzoxazine components could resist the decomposition of cellulose acetate and inhibit heat release during the combustion process. Our study would provide a novel method for obtaining biomass aerogels including the cellulose-based materials system with low drying shrinkage and superior mechanical properties despite bearing a cryogenic environment by the low-cost ambient pressure drying approach.