In engineering applications, natural fiber composites must comply with fire requirements including the use of flame retardant. Furthermore, biocomposites are known to be water sensitive. Whether flame retardants affect the water sensitivity and whether water absorption affects the fire behavior and the mechanical performance of biocomposites are the two main topics addressed in this work. In this study, a flax fiber/epoxy composite flame retardant with 9,10-dihydro-9-oxa-10-phosphaphenanthrene-10-oxide (DOPO) or aluminum diethyl phosphinate (AlPi) was aged in humid atmosphere or by immersion in water. Water absorption kinetics revealed that DOPO induces an increase in equilibrium water content by approximately a factor of 2 due to its intrinsic hygroscopicity and/or its plasticizing effect on the epoxy matrix. In contrast, AlPi does not significantly change the water sensitivity of the biocomposite. Mechanical testing highlighted that, whatever the FR, the evolution of mechanical properties with ageing is governed by the moisture content. The drop of elastic modulus was attributed to a decrease in fiber rigidity due to plasticization, while the increase in tensile strength was assigned to an increase in fiber/matrix friction due to fiber swelling. As regards flame retardancy, only the highest water contents modified the fire behavior. For the AlPi containing biocomposite, the water release resulted in an increase by 50% of the time to ignition, while for the DOPO flame retardant biocomposite the water release was mainly postponed after ignition.