Herein, we have successfully synthesized phosphorus/nitrogen/silicon tri-elements compound phosphazene derivative hexa-[4-(N-(3-(triethoxysilyl)propyl)acetamide)phenoxy]cyclotriphosphazene (HNTPC) from hexachlorotriphosphazenitrile, methyl 4-hydroxybenzoate, and 3-triethoxysilylpropylamine, and it was used as an additive flame retardant in epoxy resin (EP). Then, the thermal stability and flame retardancy of the composite (HNTPC/EP) were tested. Thermogravimetric analysis showed that the presence of HNTPC made EP matrix decompose at a relatively low temperature, thus promoted the formation of a stable coke layer and protected the matrix from fire. Therefore, the amount of carbon residue was markedly increased at 800°C, indicating an outstanding condensed phase flame-retardant effect. Furthermore, various combustion test data manifested that the addition of HNTPC could significantly improve the flame-retardant performance of EP. In addition, the sample could pass the vertical burning tests (UL-94) V-1 grade when the addition amount was 10% and the limiting oxygen index value was 32.6%, the peak heat release rate and total heat release rate decreased by 40.0% and 21.5%, respectively. Besides, the results of scanning electron microscopy, Raman spectroscopy, and X-ray photoelectron spectroscopy also showed that HNTPC can promote the formation of carbon layer and improved the flame-retardant property of EP. Finally, the condensed phase and gas phase synergistic flame-retardant mechanism of HNTPC was proposed.