Pyrolysis and oxidation of triethyl phosphate (TEP) were performed in the reflected shock region at temperatures of 1462-1673 K and 1213-1508 K, respectively, and at pressures near 1.3 atm. CO concentration time histories during the experiments were measured using laser absorption spectroscopy at 4580.4 nm. Experimental CO yields were compared with model predictions using the detailed organophosphorus compounds (OPC) incineration mechanism from the Lawrence Livermore National Lab (LLNL). The mechanism significantly underpredicts CO yield in TEP pyrolysis. During TEP oxidation, predicted rate of CO formation was significantly slower than the experimental results. Therefore, a new improved kinetic model for TEP combustion was developed, which was built upon the AramcoMech2.0 mechanism for C0-C2 chemistry and the existing LLNL submechanism for phosphorus chemistry. Thermochemical data of 40 phosphorus (P)-containing species were reevaluated, either using recently published group values for P-containing species or by quantum chemical calculations (CBS-QB3). The new improved model is in better agreement with the experimental CO time histories within the temperature and pressure conditions tested in this study. Sensitivity analysis was used to identify important reactions affecting CO formation, and future experimental/theoretical studies on kinetic parameters of these reactions were suggested to further improve the model. To the best of our knowledge, this is the first study of TEP kinetics in a shock tube under these conditions and the first time-resolved laser-based species time history data during its pyrolysis and oxidation.