The Fe-montmorillonite (Fe-MMT) combined catalysis effects of Fe ion with barrier effects of silicate clays, was firstly synthesized by hydrothermal method, and then was modified by cetyltrimethyl ammonium bromide (CTAB). The organic-modified Fe-montmorillonite (Fe-OMT) was dispersed in the N, N-dimethyl formamide (DMF) and then compounded with polyacrylonitrile (PAN) solution which was dissolved in DMF. The composite solutions were electrospun to form PAN/Fe-OMT nanocomposite fibers. The influences of the Fe-OMT on the structure, morphology, thermal, flammability and mechanical properties of PAN nanocomposite fibers were respectively characterized by X-ray diffraction (XRD), High-resolution transmission electron microscopy (HRTEM), Scanning electron microscopy (SEM), Thermogravimetric analyses (TGA), Micro Combustion Calorimeter (MCC) and Electronic Single Yarn Strength Tester. It was found from XRD curves that there was not observable diffraction peak of silicate clay, indicating that the silicate clay layers were well dispersed within the PAN nanofibers. The HRTEM image indicated that the multilayer stacks of nanoclays could be found within the nanofibers and were aligned almost along the axis of the nanofibers. The SEM images showed that the diameters of nanocomposite fibers were decreased with the loading of the Fe-OMT. The TGA analyses revealed that the onset temperature of thermal degradation and charred residue at $700^{circ}C$ of PAN nanocomposite fibers were notably increased compared with the pure PAN nanofibers, contributing to the improved thermal stability properties. It was also observed from MCC analyses that the decreased peak of heat release rate (PHRR) of the PAN nanocomposite fibers reduced the flammability properties. The loadings of Fe-OMT increased the tensile strength of PAN nanocomposite fibers, but the elongation at break of PAN nanocomposite fibers was lower than that of the PAN nanofibers.