In order to prepare water-oil repellent and fire retardant textile finishing agent,1H,1H,2H,2H-perfluorooctyl acrylate (FA)and acryloyloxy-1, 3-bis ( diethylphosphoramidate ) propan (BisDEAEPN) were copolymerized with 2-hydroxyethyl acrylate ( HEA ) and stearyl methacrylate ( SMA ) by emulsion polymerization to form fluorinated phosphorus-containing acrylate copolymer (PFPA).The copolymer was characterized by Fourier transform infrared spectroscopy (FT-IR) and the thermal stability was investigated by thermogravimetric analysis (TGA). The emulsion was applied on cotton fabric and the surface properties of treated fabric were studied. The treated surface showed good repellent properties as contact angle for water reached 145° and for n-dodecane 110° respectively.The surface also showed some flame retardant property with 22.5 ％ of limited oxygen index (LOI).