The highly flammable nature of thermoplastic elastomers (TPE) results in poor fire safety performance. The large addition of flame retardants leads to a significant decrease in mechanical properties. To solve above challenges, we design a multilayer core-shell flame retardant, piperazine pyrophosphate@ tannic acid@ Co amorphous hybrids (PAPP@TA@Co-2-MIM) and add it to TPE to enhance the fire safety and mechanical performance simultaneously. It was found that the addition of 32 wt% PAPP@TA@Co-2-MIM achieved a UL-94 V-0 rating of TPE composites, with a limiting oxygen index of 27 %. Compared to pure TPE, the peak heat release rate, total heat release, total smoke production, and peak CO release rate of TPE/PAPP@TA@Co-2-MIM were reduced by 79.8 %, 37.1 %, 42.9 %, and 82.5 %, respectively, effectively suppressing the release of heat, smoke, and toxic gases. Besides, the flame-retardant mechanism was also explained. In terms of mechanical performance, benefiting by the bridging effect of the core-shell structure, the tensile strength of TPE/PAPP@TA@Co-2-MIM increased by 52.7 %, compared to TPE/PAPP. This study designed a TPE composite material that showed good thermal stability, high fire safety performance and enhanced mechanical properties.