A novel N-P-containing soybean-oil-based fire-retardant plasticizer was synthesized using soybean oil methyl ester, 9,10-dihydro-9-oxa-phosphaphenanthrene-10-oxide (DOPO), and tris(2-hydroxyethyl) isocyanurate (THEIC). The structure was verified by Fourier transform infrared (FTIR) spectrometry and nuclear magnetic resonance (NMR) spectroscopy. The blends were characterized by thermogravimetric analysis (TGA), FTIR spectrometry, scanning electron microscopy (SEM), and dynamic mechanical analysis (DMA). TGA showed that the thermal stability of the blends were acceptable. DMA indicated that the plasticizer had good plasticity for PVC. The limiting oxygen index (LOI) of the blends ranged from 21.3 to 29.6. The flammability and thermal stability of PVC/THEIC-DOPO-ESOME was better than that of PVC/TCPP.