A novel nitrogen-phosphorus flame retardant, 2-carboxyethyl(phenyl)phosphinic acid melamine salt (CMA), was synthesized by the reaction of 2-carboxyethyl(phenyl)phosphinic acid with melamine in aqueous solution, and it was characterized by Fourier transform infrared spectroscopy (FT-IR), nuclear magnetic resonance (NMR), inductively coupled plasma-atomic emission spectrometry (ICP-AES), elemental analysis, and thermogravimetric analysis (TGA). Halogen-free flame-retardant flexible polyurethane foams (FPUF) were prepared successfully by using CMA as a flame retardant. The effects of CMA content on the mechanical, thermal, and flame-retardant properties of FPUF were investigated by tensile test, TGA, limiting oxygen index (LOI), flame propagation test (Cal T.B. 117A-Part I standard), and cone calorimeter. The foam morphology of FPUF was studied via scanning electron microscopy (SEM). The results showed that CMA endowed FPUF with good flame-retardant properties. FPUF containing only 12 wt % CMA can pass Cal T.B. 117A-Part I standard, and its LOI value was increased from 18.2 (for FPUF without CMA) to 24.1. Particularly, the addition of CMA almost did not decrease the mechanical properties of the resulting flame-retardant FPUFs.