The insulation layer of flame-retardant cables plays a critical role in mitigating fire hazards by influencing toxic gas emissions and the accuracy of fire modeling. This study systematically explores the pyrolysis kinetics and volatile gas evolution of flame-retardant polyvinyl chloride (PVC) and polyethylene (PE) insulation materials using advanced TG-FTIR-GC/MS techniques. Distinct pyrolysis stages were identified through thermogravimetric analysis (TGA) at heating rates of 10–40 K/min, while the KAS model-free method and Málek fitting function quantified activation energies and reaction mechanisms. Results revealed that flame-retardant PVC undergoes two major stages: (1) dehydrochlorination, characterized by the rapid release of HCl and low activation energy, and (2) main-chain scission, producing aromatic compounds that contribute to fire toxicity. In contrast, flame-retardant PE demonstrates a more stable pyrolysis process dominated by random chain scission and the formation of a dense char layer, significantly enhancing its flame-retardant performance. FTIR and GC/MS analyses further highlighted distinct gas evolution behaviors: PVC primarily generates HCl and aromatic hydrocarbons, whereas PE releases olefins and alkanes with significantly lower toxicity. Additionally, the application of a classification and regression tree (CART) model accurately predicted mass loss behavior under various heating rates, achieving exceptional fitting accuracy (R² > 0.98). This study provides critical insights into the pyrolysis mechanisms of flame-retardant cable insulation and offers a robust data framework for optimizing fire modeling and improving material design.