The invention discloses a polyphosphate compound containing a phenolphthalein derivative and a high polymer material applying the same. The polyphosphate compound containing the phenolphthalein derivative has high thermal stability and can serve as a viscosity reducer and a fire retardant; and when the polyphosphate compound containing the phenolphthalein derivative is applied to the high polymer material, processing viscosity of engineering plastic can be greatly reduced, thermal properties of the macromolecular material are also better reserved, and a good fire retardant effect is also realized.