Urea–formaldehyde (UF) resin is the most widely used adhesive resin. However, it is necessary to improve its flame-retardant performance to expand its applications. In this study, exploiting electrostatic interactions, anionic phytic acid and cationic chitosan were combined to form a bio-based intumescent flame-retardant, denoted phytic acid–chitosan polyelectrolyte (PCS). The molecular structure of the urea–formaldehyde resin was optimized by crosslinking with melamine and plasticizing with polyvinyl alcohol-124. Thus, by combining PCS with the urea–formaldehyde resin and with ammonium polyphosphate and ammonium chloride as composite curing agents, flame-retardant urea–formaldehyde resins (FRUFs) were prepared. Compared to traditional UF resin, FRUF showed excellent flame retardancy and not only reached the UL-94 V-0 level, but the limit of oxygen index was also as high as 36%. Compared to those of UF, the total heat release and peak heat release rate of FRUF decreased by 86.44% and 81.13%, respectively. The high flame retardancy of FRUF originates from the combination of oxygen and heat isolation by the dense carbon layer, quenching of phosphorus free radicals, and dilution of oxygen by a non-flammable gas. In addition, the mechanical properties of the FRUF remained good, even after modification. The findings of this study provide a reference for the flame-retardant application of FRUF for applications in multiple fields.