Phosphate ester groups containing ricinoleic acid‐based Ca/Zn (LPPRA‐Ca and LPPRA‐Zn) stabilizer was successfully synthesized from ricinoleic acid (RA) and used as thermal stabilizers for poly(vinyl chloride) (PVC). These thermal stabilizers were characterized by Fourier transform infrared spectrometry, 1H nuclear magnetic resonance, and inductively‐coupled plasma atomic emission spectroscopy. The effects of LPPRA‐Ca/LPPRA‐Zn, CaSt2/ZnSt2, and other stabilizers on the thermal stability of PVC were studied through Congo Red test, discoloration tests, thermogravimetric analysis (TGA), TGA–infrared, and TGA–mass spectrometry. The thermal stability tests show that LPPRA‐Ca/LPPRA‐Zn displays the best initial color stability and long‐term thermal stability for PVC. The superior performance is attributed to the synergistic effect of LPPRA‐Ca and LPPRA‐Zn. Moreover, a lower Zinc content of LPPRA‐Zn in PVC helps to decrease the “zipper dehydrochlorination” of the product, which contributes to a better initial thermal stability. Except for the better stabilization performance, LPPRA‐Ca/LPPRA‐Zn also displays better plasticization performance for PVC compared with other stabilizers. A possible stabilizing mechanism of PVC/LPPRA‐Ca/LPPRA‐Zn system was presented. © 2017 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2018, 135, 45940.