In order to acquire polymeric fibers have both excellent flame retardance and mechanical properties, high molecular weight phosphorus-containing liquid crystal copolyesters derived from 6-hydroxy-2-naphthenic acid (HNA), terephthalic acid (TA) and 10-(2,5-dihydroxypheny)-10-hydro-9-oxa-10-phospha phenanthrene-10-oxide (DOPO-HQ) were synthesized via “one-pot” melt polymerization, and then the fibers were obtained by melt spinning method. The structure and property of the copolyesters were studied elaborately by experimental characterization technique and molecular simulation method. Shear shinning behavior was observed from rheology measurement, indicating that the copolyesters had excellent melt fluidity and spinnability. The rigidity of molecular chain was efficiently improved by the phosphorus-containing monomer DOPO-HQ and naphthalene HNA units which could be reflected by the molecular simulation results as well as high Tg values. The flame retardant mechanism of the phosphorus-containing flame retardant copolyester was systematically studied via limiting oxygen index (LOI), vertical burning (UL-94) test, cone calorimetry, scanning electron microscopy (SEM) and X-ray photoelectron spectroscopy (XPS). The results showed that the copolyesters exhibit synergistic flame retardant mechanism of gas phase and condensed phase. Meanwhile, mechanical property of the as-spun fibers could be significantly improved by increasing the spinneret draw ratio (SDR) attributed to high molecular chain orientation. The maximum tensile strength of the as-spun fiber was 0.77 GPa observed for P-HNA60P20 at a relatively low SDR of 29. It was shown the unique combination of good thermal stability, spinnability as well as mechanical and flame retardant properties of the copolyesters would make them could be used as high-performance flame retardant materials.