Poly vinylidene chloride-vinyl chloride emulsions (PVDC) were added as a substitute for chlorinated paraffin (CP) in the preparation of ultra-low density fiberboards (ULDFs). The micromorphology and fire performance of ULDFs were investigated using a scanning electron microscope, limiting oxygen index instrument, and cone calorimeter. The results showed that PVDC specimens were coated with a regularly smooth film, while the distribution of CP inside CP specimens was uneven. The limiting oxygen index increased with the dosage of PVDC, then reached a plateau at 50 mL and 28%, slightly higher than CP specimens (27.3%). The peak of heat release rate, mean heat release rate, mean CO, and total smoke release of PVDC specimens was reduced 43.3%, 13.5%, 38.5%, and 51.5% lower than respective CP specimens, and with nearly the same total heat release (only 0.04 MJ/m2 higher). Thus, PVDC exhibited excellent heat-reducing and smoke-suppressing properties and could replace CP in ULDFs.