In the study, agricultural waste bagasse was used as a bio-based flame retardant for reducing the flammability of epoxy. Specifically, an interpenetrating network (IPN) was formed through a ring opening reaction between the hydroxyl functional group of bagasse and the epoxy group of triglycidyl isocyanurate (TGIC), forming Bagasse@TGIC. Next, 9, 10-dihydro-9-oxa-10-phosphaphenanthrene 10-oxide (DOPO) was mixed with Bagasse@TGIC, inducing a reaction between the active hydrogen of DOPO and the epoxy group of TGIC, ultimately forming Bagasse@TGIC@DOPO with an IPN structure. Finally, the novel flame retardant was added to epoxy to create a composite. The integral procedural decomposition temperature (IPDT) of pure epoxy is 619 °C; after the introduction of the 30 wt% flame retardant, the IPDT of the resultant composite material increased to 799 °C, greatly increasing the thermal stability by 29%. After the addition of the Bagasse@TGIC@DOPO flame retardant, the limiting oxygen index increased from 21% for the pure epoxy to 29% for the composite, and the UL-94 rating improved from failing rating for the pure epoxy and V-0 rating for the composite. The Raman spectrum indicated that the addition of Bagasse@TGIC@DOPO IPN substantially increased the biochar yield during the burning process, increasing thermal stability. These results confirmed that the epoxy/Bagasse@TGIC@DOPO composite had substantial flame retarding effects.