Expandable polystyrene (EPS) is a plastic widely used in the field of construction, but it is flammable. This work provided a novel strategy for flame‐retardant modification of EPS. A kind of polyester polyol (JZP) with the high content of phosphorus and nitrogen was synthesized. Then, intrinsic flame‐retardant polyurethane (PFWPU) with the high content of phosphorus and nitrogen was synthesized by JZP acted as soft segment chain extender. Finally, a high‐efficiency flame‐retardant expandable polystyrene thermal insulation material (AF‐EPS) was prepared by the organic–inorganic hybrid flame‐retardant synergistic action of PFWPU and ammonium polyphosphate. The effects of different contents of inorganic flame retardants on flame retardancy of materials were studied by limiting oxygen index (LOI), cone calorimetry, thermogravimetric analysis/infrared spectrometry , scanning electron microscopy, and so on. The test results showed that the carbon residue rate of the modified material increased from 0 to 28.5%, the LOI increased from 17 to 35.8%, and the vertical combustion test reached the highest grade V‐0. In addition, the total smoke production of AF‐EPS samples decreased from 2.33 m2 to 0.57 m2, the time to ignition was increased to 41 s, and the peak heat release rate and the total heat release were decreased by 90.2 and 62.7%, respectively.