The flame retardancy and mechanical properties of polyamide‐6 (PA6)/aluminum diethylphosphinate (AlPi) composite are greatly improved by the addition of novelly synthesized phosphorus flame retardant‐based diepoxide (DEP) during extrusion. The PA6/AlPi/DEP composite passes V‐0 rating of UL94 test with limiting oxygen index (LOI) of 32.6% at 13 wt% AlPi and 1 wt% DEP, as revealed by the results of flammability. The synergistic flame retardation mechanism offered by the two additives (AlPi and DEP) is studied in terms of in‐depth characterization of the charred residue and evolved gas. The deteriorated mechanical strength of PA6 due to existence of AlPi is compensated by the simultaneous chain extension effect of DEP. Accordingly, the flexural and impact strengths of PA6/AlPi/DEP composite are even superior to those of neat PA6.