This experimental study shows the combustion characteristics for each coating thickness of water and oil paint which are used as fire retardant paints that prevent fire propagation through cables in underground culverts and trays. To evaluate combustion characteristics, smoke density(ASTM E 662) and Limited Oxygen Index(ASTM D 2863) experiment method was used. As the results of this study, the combustion characteristics of fire retardant paints produced the following : (a) The molt suitable coating thickness of fire retardant paint was 1.5∼2.0 mm in water paint and 0.2 mm in oil paint. (b) Flaming method in experiments of smoke density were found to be higher than Non-flaming method. (c) Water paint has the fire retardant effect and characteristics better than oil paint in measurement results of smoke density and oxygen index. (d) The oxygen index of water and oil fire retardant was able to know that it was satisfied a standard (30 or above).