Flexible polyurethane foams (FPF) are polymer materials that have high flammability. Fyrol PNX (FPNX) and expandable graphite (EG), have been used to modify the properties of these materials. The aim of this study was to assess the possibility of improving the thermal stability and flame retardancy of FPF by the addition of FPNX and EG fillers. The prepared foams were characterised by their apparent density, hardness, flexibility, irreversible strain and linear flammability, as well as thermogravimetric analysis (TGA), dynamic mechanical analysis, Fourier transform infrared spectroscopy (FT-IR) and pyrolysis combustion flow calorimetry (PCFC) measurements. The apparent density, hardness, flexibility and irreversible strain results showed that the addition of graphite and phosphorous fillers to the FPF makes slight changes to the mechanical properties, which remain within the acceptable norms. It was also observed that reducing the amount of Fyrol PNX and replacing it with the same amount of EG allowed similar values of linear flammability to be obtained with a simultaneous increase in thermal stability, as shown in the TGA study and the PCFC test. Moreover, it was found that the modification of flexible polyurethane foam by the addition of a mixture of FPNX and EG fillers allows the best properties of this type of materials to be obtained. This result indicates that this type of modification could be an effective way to improve the thermal stability of FPF.