The combustion characteristics of wallpaper and the toxicity of gas produced from wallpaper fires were analyzed to evaluate the fire risk of wallpaper used in living spaces. Ash content was measured with a high-temperature electric furnace, and thermal analysis was carried out with thermogravimetric analysis (TGA). Combustion time and smoke concentration were measured with a cone heater and a combustion gas analyzer. The smoke density of samples was measured using the smoke chamber ASTM E 662. Pyrolysis in silk wallpaper began at a lower temperature than the other samples. This means that silk wallpaper can be ignited at a low heat flux and will have a greater fire risk than other kinds of wallpaper. Heat by radiation flux caused silk wallpaper to ignite in the shortest time compared to the other samples, so the time for evacuation in this situation may also be reduced. Silk wallpaper also released the highest carbon monoxide concentration, so the toxicity and harmful effects to consciousness were stronger than any other wallpaper. The smoke densities of silk wallpaper and fire retardant-treated silk wallpaper were very high due to their vinyl coatings.