Due to the high polarizability of traditional flame retardants, it is difficult to meet the excellent dielectric properties and flame retardancy required for electronic packaging materials. Therefore, we have designed a novel linear polyphosphazene that can balance the dielectric properties and flame retardancy of bismaleimide (BMI) composites. Here, fluorinated aromatic ring structure with the large freedom volume is connected to the main chain of polydichlorophosphazene (PDCP) as a side group, resulting in multifunctional fluorinated linear polyphosphazene (PBTFP). Attributed to the excellent P/N/F combination flame retardant strategy, extremely low polarizability, and large molecular free volume, PBTFP simultaneously improves the dielectric properties and flame retardancy of the BMI composites, including UL-94 rating of V0, and a dielectric constant (Dk) as low as 2.69. In addition, as an elastomer, PBTFP exhibits positive effects on improving the hydrophobicity and toughness of BMI. Therefore, through a simple affinity substitution reaction, we prepared a multifunctional fluorinated linear polyphosphazene modified BMI based electronic packaging substrate material that can be applied to 5G high-frequency communication.