As a kind of plant fiber, ramie fibers (RFs) are widely used in fiber reinforced resin matrix composites, however, both of RFs and resin matrix are flammable. Enhancing the flame retardancy of ramie fiber reinforced epoxy composites is important. In this study, a highly efficient flame retardant, PBXY, was synthesized from phytic acid, boric acid, and xylitol to improve the flame retardancy of ramie fibers, and flame-retardant ramie fiber reinforced epoxy composites (EP/RF-PBXYs) with different weight gain were prepared by coating PBXY on the surface of ramie fibers. The effects of different weight gain of PBXY on the thermal stability, flame retardancy, and mechanical properties of EP/RF-PBXYs were investigated. Compared with that of EP/RF, the limiting oxygen index value of EP/RF-PBXY2 was increased from 23.0% to 31.4% and a UL-94 V-0 rating was obtained, the total heat release and total smoke production were reduced by 33.2% and 31.0%. However, the presence of PBXY had a negative effect on the mechanical properties of EP/RF when the weight gain of PBXY was more than 10wt% (related to RFs). This study offers a promising avenue to improve the flame-retardant resistance of EP/RF.