The combustibility of wood can be improved by physical and chemical means, thus expanding the use of wood products. In this study, two novel phosphorus-nitrogen flame retardants (UCPR and MCPR) were developed, and the intercalated modified layered double hydroxides (LDH) thereof were designated as UCPR-LDH and MCPR-LDH. By impregnating poplar veneer with UCPR-LDH and MCPR-LDH solutions, the study investigated the effects of different concentrations (1%, 5%, 10%), processes (vacuum-pressure impregnation, room temperature impregnation, normal-pressure impregnation), and impregnation times (2 h, 3 h, 24 h, 48 h) on the weight-gain rate of veneer. The optimal process was then selected for preparing formaldehyde-free three-layer plywood. Nuclear magnetic resonance (NMR) and Fourier transform infrared (FTIR) were used to characterize the UCPR and MCPR. Meanwhile, gel-permeation chromatography (GPC) demonstrated that the molecular weight of the synthesized flame retardants increased as their molecular distribution became more uniform. The impregnation process was performed at normal temperature and pressure for 48 h at a 5% flame retardant concentration. Results from cone calorimetry indicate that the UCPR-LDH plywood exhibits a peak heat release rate that is 30.43% lower than that of the control group, demonstrating superior thermal barrier performance. The smoke emission of the MCPR-LDH plywood was reduced by 33.62% compared to the control group, indicating superior smoke suppression performance. This method presents a viable approach for synthesizing organic-inorganic flame retardants.