Co-microencapsulated ammonium polyphosphate (APP) and pentaerythritol (PER) [M (A&P)] is prepared using melamine-formaldehyde resin by in situ polymerization method and characterized using energy dispersive spectrometer and Fourier transform infrared spectra. Thermal stability and fire resistance behavior have been analyzed and compared. The co-microencapsulation of APP and PER leads to a great improvement of its thermal stability investigated by thermogravimetric analysis. The temperature of maximum mass loss rate of M (A&P) is 30 C higher than that of APP/PER mixture. The flame-retardant effect of M (A&P) in coating composite is evaluated by carbonization volume, flame spread rate, and cone calorimeter. Results show that the flame-retardant properties of M (A&P) in coating composite is much better than that of APP/PER mixture coating composite.