Black phosphorus nanosheets (BPns) have gained widespread attention in the field of flame retardancy due to their highly efficient flame-retardant properties achieved with a low addition rate (e.g., 0.4%). However, the pyrolysis pathways of BP in polymers have not yet been elucidated. This work systematically studies the flame retardancy and pyrolysis behavior of BP in oxygen-containing (polyurethane, PU) and oxygen-free (polypropylene, PP) polymers, distinguishing between the gas-phase and the condensed-phase flame retardant effect of BP. Through slow heating and staged heating methods, the condensed phase and gas phase pyrolysis products of BP in PU and PP at different temperatures are compared in detail. The distinct flame retardant pathways of BP in PU and PP are revealed. The results indicate that the oxidation of BP commences with its reaction with atmospheric oxygen, implying that the condensed-phase flame-retardant effect of BP primarily occurs at the polymer surface. In PP, BP mainly functions as a gas-phase flame retardant. In the condensed phase, BP generates phosphate derivatives that cover the substrate surface, providing solely a physical barrier effect. In PU, while BP demonstrates an outstanding gas-phase flame-retardant effect, it also accelerates the early dehydration carbonization of alcohols within the substrate, resulting in the formation of phosphate ester compounds (P–O–C structure) to bolster the thermal stability of residual carbon. Additionally, the side reactions of BP during catalytic carbonization will decrease the thermal stability of ester bonds in PU. This work lays a theoretical foundation for the development and application of BP-based flame retardant systems.