The present disclosure relates to a flame retardant composition having enhanced flame-retardancy. The composition comprises a polymer component; a boron-based nano-filler; and an additive. The limiting oxygen index (LOI) of the flame retardant composition of the present disclosure is greater than 21.0. The present disclosure further provides a process for preparation of the flame retardant composition. The flame retardant composition of the present disclosure can be used in electrical insulation, adhesives, coatings, castings, and reinforced composites.