AbstractAdvanced elastomers are increasingly used in emerging areas, for example, flexible electronics and devices, and these real‐world applications often require elastomers to be stretchable, tough and fire safe. However, to date there are few successes in achieving such a performance portfolio due to their different governing mechanisms. Herein, a stretchable, supertough, and self‐extinguishing polyurethane elastomers by introducing dynamic π–π stacking motifs and phosphorus‐containing moieties are reported. The resultant elastomer shows a large break strain of ≈2260% and a record‐high toughness (ca. 460 MJ m⁻³), which arises from its dynamic microphase‐separated microstructure resulting in increased entropic elasticity, and strain‐hardening at large strains. The elastomer also exhibits a self‐extinguishing ability thanks to the presence of both phosphorus‐containing units and π–π stacking interactions. Its promising applications as a reliable yet recyclable substrate for strain sensors are demonstrated. The work will help to expedite next‐generation sustainable advanced elastomers for flexible electronics and devices applications.