Hexachlorocyclotriphosphazene is a ring compound consisting of an alternating phosphorus and nitrogen atom with two chlorine substituents attached to the phosphorus atom. The six chlorine atoms attached to this cyclo compound can be substituted with any different nucleophile that leads to changes in different chemical and physical properties. The major topics that were investigated in this research are the flame retardancy and dielectric properties of cyclotriphosphazene compounds. Cyclotriphosphazene compounds have high potential to act as a flame retardant, and this compound consists of two active elements attributed to its high flame-retardant character. This compound also demonstrated good ability as a flame retardant due to its low toxicity and less smoke produced. In addition, cyclotriphosphazene compounds were also investigated for their dielectric properties. Cyclotriphosphazene has high potential in the electrical field since it has dielectric properties that can be widely studied in the investigation of any potential application. This review presented literature studies focused on recent research development and studies in the field of cyclotriphosphazene that focused on synthesis, structural, flame retardancy, and dielectric properties of hexachlorocyclotriphosphazene compounds.