The winding tension of the dry-wound forming process is uniform, the process is easy to control and the structure and performance of the prepared vehicle-mounted hydrogen composite pressure vessels are stable. Since the vehicle-mounted hydrogen pressure vessels must be subjected to rigorous fire experiments, the flame-retardant epoxy prepreg yarn technology is currently monopolized by foreign countries. The development of flame-retardant prepreg yarn with good processing properties is of great significance to the promotion and application of hydrogen pressure vessels. Here, a flame-retardant additive hexaphenoxy cyclotriphosphazene (HPCTP) was synthesized and dissolved in epoxy resin of prepreg yarn named P/N-EP. Then, the flame-retardant prepreg yarn was made by the solution impregnation method. Curing behavior, thermal analysis combustion behavior and mechanical properties of P/N-EP and tensile properties of flame-retardant prepreg yarn were investigated. Experimental results showed that the LOI value reached 36.4% at 10 phr and reached the V-0 level of the UL-94 test. The results about thermal stability of the P-N/EP resin system showed that with the increase of P-N content, T5% (temperature at 5% weight loss) and CY600 (carbon residue rate) both increased. The microstructure of carbon residue after UL-94 test was studied by electron microscope and laser Raman spectrometer. The results showed that with the increase of P-N content, the carbon layer structure became denser and the ID/IG decreased significantly, to achieve the flame-retardant effect by the condensed phase mechanism.