Phosphate resources are non-renewable and are increasingly depleting. Currently, the primary raw material for commercial ABC dry powder fire-extinguishing agents is a processed product derived from the limited reserves of phosphorus ore. Consequently, there is an urgent imperative to innovate and develop novel types of dry powder fire-extinguishing agents. In this work, a simple physical blending process was utilized to modify the abundant and cost-effective hydromagnesite (HM) powder, which has been proven to be a promising dry powder extinguishant with a pronounced physical cooling effect on fire suppression. The HM powder added to 10 wt.% diammonium hydrogen phosphate (DAP) showed a shorter extinguishing time and a lower agent dosage compared with the unmodified powder and commercially available monoammonium phosphate (MAP) in both the liquid and solid fire experiments. Notably, the HM/DAP composite dry powder extinguished fires with the lowest CO concentration, indicating superior environmental friendliness and human safety. These findings indicate the potential of the HM/DAP composite dry powder as a promising candidate for future fire-extinguishing applications.