In this article, high‐density polyethylene/ethylene vinyl‐acetate copolymer (HDPE/EVA) composites filled with two different particle sizes (45 and 150 µm) of expandable graphite (EG) were prepared by using a twin‐screw extruder. The thermal stability, flammability, and mechanical properties of HDPE/EVA/EG composites were investigated by thermogravimetric analysis (TGA), cone calorimeter test (CCT), tensile test, and scanning electron microscopy (SEM). The results from TGA and CCT indicated that EG significantly enhanced the thermal stability and fire resistance of HDPE/EVA blend. The thermal stability and flame retardancy of HDPE/EVA/EG composites were improved with decreasing particle size of EG. Although the onset of weight loss of the flame‐retardant composites occurred at a lower temperature than that of HDPE/EVA blend, the flame‐retardant composites produced a large amount of char residue at a high temperature. The consolidated char layer formed a barrier, which could reduce heat, low‐molecular transfer, and air incursion, and thus enhanced the flame retardancy. The data from the tensile test showed that the addition of EG deteriorated the mechanical properties; however, the tensile stress and strain of HDPE/EVA/EG composites increased with decreasing the particle size of EG owing to the strong interface adhesion between polymer matrix and inorganic particles. POLYM. ENG. SCI., 54:1162–1169, 2014. © 2013 Society of Plastics Engineers