To further improve fire resistance of waterborne polyurethane, the macromolecular intumescent flame retardant (APBDH) was designed and prepared from 9,10-dihydro-9-oxa-10-phosphaphenanthrene-10-oxide (DOPO), 4-aminothiophenol, benzaldehyde, and hydroxyl-terminated polybutadiene acrylonitrile (HTBN). Then, it was incorporated into waterborne polyurethane (WPU) to preparing flame retarded WPU (FR-WPU). TGA results suggested that the incorporation of APBDH into WPU increased thermal stability of FR-WPU. The fire resistance of FR-WPU were investigated by limiting oxygen index (LOI) test, the vertical burning test (UL-94), SEM-EDS analysis, the Laser Raman test, and cone calorimeter test. An LOI value of 28.82% and a UL-94 V-0 rating can be achieved when the WPU sample conjugated with 7.5 wt% APBDH. It indicated that the fire resistance of FR-WPU remarkably improved and displayed both gas and condensed phase mechanism. As the content of APBDH increased, the tensile strength and the elongation at break of FR-WPU increased firstly and then decreased. The thermo-mechanical behaviors indicated that the storage modulus increase at first and then descend with the addition of APBDH, while the T-gs firstly decreased and then increased. Additionally, the T-gh increased with the addition of APBDH.