The synergistic effects of activated carbon (AC) and molybdenum oxide (MoO 3 ) in improving the flame retardancy of poly(vinyl chloride) (PVC) were investigated. The effects of AC, MoO 3 and their mixture with a mass ratio of 1:1 on the flame retardancy and smoke suppression properties of PVC were studied using the limiting oxygen index and cone calorimeter tests. It was found that the flame retardancy of the relatively cheaper AC was slightly weaker than that of MoO 3 . In addition, the incorporation of AC and MoO 3 greatly reduced the total heat release and improved smoke suppressant property of PVC composites. When the total content of AC and MoO 3 was 10 phr, PVC/AC/MoO 3 had the lowest peak heat release rate and peak smoke production rate values of 173.80 kW m −2 and 0.1472 m 2 s −1 , which represented reductions of 47.3 and 59.9%, respectively, compared with those of PVC. Furthermore, thermogravimetric analysis and gel content tests were used to analyze the flame retardant mechanism of AC and MoO 3 , with results showing that AC could promote early crosslinking in PVC. Char residue left after heating at 500 ∘ C was analyzed using scanning electron microscopy and Raman spectroscopy, and the results showed that MoO 3 produced the most compact char, with the smallest and most organized carbonaceous microstructures.