To clarify how the fire performance of ultra-low density fiberboard (ULDF) can be improved by complex fire-retardants, the limiting oxygen index (LOI) and microstructure of ULDFs with different additive amounts of complex fire-retardants was analyzed. The char yield, chemical bonding, and thermostability of ULDFs treated by different temperatures were also tested. Results showed that the LOI values and compactness of ULDFs were increased with increased amounts of fire-retardants. Three steps of char yield curves in control fiberboard (CF) and mixed fiberboard (MF) were apparent. The preliminary degradation in lignin and cellulose of CF occurred at 300 °C. The cellulose had completely decomposed at 400 °C, but in the case of MF, the lignin a...