In this study, fly ash (FA) which mainly consists of SiO2, Al2O3, Fe2O3, MgO, and CaO, was used as a synergistic additive (1–5 wt %) to improve the effectiveness of an intumescent flame retardant (IFR) system (25 wt %) in high density polyethylene (HDPE). IFR system composed of ammonium polyphosphate and pentaerythritol (3/1 ratio), and different amounts of FA were incorporated homogeneously into HDPE. Thermogravimetric analyses and thermal conductivity measurements were performed to determine the thermal properties. Meanwhile, limiting oxygen index, UL 94 vertical burning, and cone calorimetry tests were performed to investigate the fire resistance. Furthermore, the effects of IFR/FA additions on the mechanical properties were determined. The experimental results showed that IFR and IFR/FA additions resulted in early degradation with lower rates, and the residual mass values increased due to the char layers and the FA content. Also, IFR addition increased the thermal conductivity coefficient from 0.451 W/mK to 0.462 W/mK and IFR/FA additions further increased the coefficient up to 0.506 W/mK. Although the sample included only 25 wt % IFR could meet the requirements of UL 94 V-2 with a LOI value of 25.0%, 2, 3 and 4 wt % FA additions satisfied the criteria of UL 94 V-0 with a LOI value of 26.6%. In addition, the cone calorimeter results revealed that the peak heat release rates and total heat released values decreased with IFR (25 wt %) and FA (2, 3, and 4 wt %) additions. Furthermore, CO, CO2, and soot emissions of the composites significantly reduced with respect to HDPE. The NO increased with IFR additions due to the nitrogen content of APP. 25% IFR addition caused decreases in the tensile strength, tensile modulus, and Izod impact strength. However, FA additions slightly enhanced the mechanical properties of HDPE/IFR composite.