In addition to recycling and reprocessing features, designs of vitrimers possessing critical properties required for conventional cross-linked polymers are of interest. In this work, a newly designed Meldrum's acid (MA)-functionalized and phosphorus-containing bisphenol compound (P-MADV) compound is synthesized. Employing P-MADV as a curing agent, simultaneous formation of permanent and dynamic covalent linkages through one-pot reaction has been achieved in formation of flame retardant epoxy resin vitrimers. The newly synthesized P-MADV compound is an effective cross-linking agent for commercially-available epoxy resins for synthesis of flame-retardant epoxy vitrimers through the conventional cross-linking conditions and processes. The cross-linked epoxy vitrimer passes the flame test under UL 94V-0 specification contributed from the phosphorus-containing groups. The flame retardant vitrimer also exhibits a storage modulus of 1.2 GPa at 50 °C and a Tg (tanδ peak) of 185 °C, which are comparable to the values found with conventional phenolic novolac-cross-linked epoxy resin (storage modulus: 1.6 GPa; Tg: 155 °C). Without addition of catalysts for dynamic bond exchanging reaction, the cross-linked epoxy vitrimer shows stress relaxation time of 397 s at 230 °C and an activation energy of stress relaxation of 97.8 kJ mol−1. The dynamic features warrant the epoxy vitrimer being recyclable under thermally pressing at 230 °C and 16 MPa for 1 h. The recycled samples exhibit thermal and mechanical properties being comparable to the pristine resin. This work has demonstrated an attractive approach for preparation of flame retardant epoxy resin vitrimers in viewpoints of both manufacturing processes and resins properties.