AbstractIn this paper, a new bio‐based flame retardant MHPA was prepared by the reaction of magnesium hydroxide (MH) and phytic acid (PA). Then the crosslinked high‐density polyethylene (HDPE) flame‐retardant composite was prepared by adding it and silicone rubber (SR) into HDPE and using electron beam irradiation. The test results of limiting oxygen index (LOI) and cone calorimeter test (CCT) show that the combination of MHPA and SR can increase the flame retardancy and smoke suppression performance of HDPE. The LOI of HDPE composite with 10 parts of SR is 28.3%, and its pHRR, THR and TSP values are reduced to 454.1 kW/m2, 99.7 MJ/m2 and 8.3 m2, respectively, which is because MHPA and SR jointly promote the formation of continuous and high‐density carbon slag in the combustion process of HDPE and inhibit the penetration of flame. In addition, the HDPE composite with 10 parts of SR has significant tensile strength, elongation breaking strength and tear strength, because SR can produce continuous stable structure with HDPE after irradiation and crosslinking. Therefore, this study verified that MHPA and SR together can effectively improve the flame retardancy, smoke suppression and mechanical properties of HDPE composite.