Polymer nanocomposites are a new class of flame retarded materials which have attracted much attention and considered as a revolutionary new flame retardant approach. A very small amount of nano flame retardants (normally < 5 wt %) can significantly reduce the heat release rate and smoke emission during the combustion of polymer materials. Moreover, the addition of nano flame retardants can also improve the mechanical properties of polymer materials comparing to the deterioration of traditional flame retardants. This paper reviewed the recent development in the flame retardant field of polymer nanocomposites and also introduced the related research in our lab. The challenges and problems were discussed and the future development of flame retarded polymer nanocomposites was prospected.