A flame retardant named TAD was synthesized by the reaction of 9,10-Dihydro-9-oxa-10-phosphaphenanthrene-10-oxide and triallyl isocyanurate at first. Then, novel flameretarded materials based on PBT and PET resin were formulated via melt blending with TAD, expandable graphite (EG), and a mixture of both. The effect of flame retardant type and TAD content on the flame behavior of PBT/PET blend was carefully investigated. TAD contributed towards higher LOI value and better UL-94 performance than EG. However, the best V-0 rating in the UL-94 test was achieved by the incorporation of TAD/EG mixture into the resin matrix. TAD/EG combination exhibited clear synergistic effect on both reducing the flaming intensity and increasing the residual char layer, as confirmed by cone calorimeter tests and TGA results. SEM images combined with XPS analysis revealed that expansion and migration of EG locked the P-containing radicals from decomposing TAD into the condensed phase, which led to the formation of compact and continuous char layers. All the results in our studies demonstrate that incorporation of TAD with a charring agent EG is an effective and promising technique to develop flame-retarded PBT/PET material, which has high potential for applications in the areas of electronic devices, household products, and automotive parts.