In this study, three kinds of two‐dimensional nanoplates consisting of zinc zeolite imidazole frameworks‐L (Zn‐ZIF‐L), cobalt zeolite imidazole frameworks‐L (Co‐ZIF‐L), and Zinc‐Cobalt hybrid zeolite imidazole frameworks‐L (Zn&Co‐ZIF‐L), were prepared by a green and nonpolluting method. Each of the three nanoplates was added to thermoplastic polyurethane elastomers (TPU) at 3 wt% to investigate their performance in flame retardancy and smoke suppression of TPU. Compared with pure TPU, the limiting oxygen index values of Zn‐ZIF‐L/TPU, Co‐ZIF‐L/TPU, and Zn&Co‐ZIF‐L/TPU increased from 23.2% for pure TPU to 25.3, 26.0, and 25.7%, respectively; the total heat release of these three composite materials decreased by 7.8, 11.4, and 9.3%, their peak heat release rate decreased by 28.8, 42.8, and 43.8% and their peak smoke production rate reduced by 50, 45, and 51.5%, respectively. All three nanoplates showed good flame retardancy and smoke suppression properties. In addition, through thermogravimetric/Fourier transform infrared spectroscopy (TG‐FTIR) analysis of the TPU composite and the X‐ray diffraction analysis of residual char, the specific flame‐retardant mechanisms and smoke suppression mechanisms were explored.