Bio-composite foams based on Epoxidized Natural Rubber (ENR) filled with lignin (LG) and ammonium polyphosphate (APP) were fabricated via batch foaming. The addition of APP accelerated the foaming process at lower temperatures. Pre-mixing induced ionic and hydrogen bonding between the LG and the APP particles, which reduced crosslinking between LG and ENR. The resulting ENR bio-composite foams with LG/APP exhibited a significant increase in compressive strength (up to 700 %) and modulus (up to 600 %) compared to the ENR foam baseline. Furthermore, the LG/APP foams demonstrated lower thermal conductivity than both the ENR foam baseline and foams containing only LG or APP, attributed to optimal thermal conduction in the solid phase and convection within the pore cells. The combination of APP and LG produced synergistic effects, with phosphorus (from APP) and high carbon content (from LG) enhancing flame-retardant efficiency. This study highlights the potential of these sustainable bio-composite foams for applications requiring enhanced thermal insulation and flame retardancy attributes for insulation and other practical applications.