Zero-shot Text-to-Speech (TTS) has recently advanced significantly, enabling models to synthesize speech from text using short, limited-context prompts. These prompts serve as voice exemplars, allowing the model to mimic speaker identity, prosody, and other traits without extensive speaker-specific data. Although recent approaches incorporating language models, diffusion, and flow matching have proven their effectiveness in zero-shot TTS, they still encounter challenges such as unreliable synthesis caused by token repetition or unexpected content transfer, along with slow inference and substantial computational overhead. Moreover, temporal diversity-crucial for enhancing the naturalness of synthesized speech-remains largely underexplored. To address these challenges, we propose Flamed-TTS, a novel zero-shot TTS framework that emphasizes low computational cost, low latency, and high speech fidelity alongside rich temporal diversity. To achieve this, we reformulate the flow matching training paradigm and incorporate both discrete and continuous representations corresponding to different attributes of speech. Experimental results demonstrate that Flamed-TTS surpasses state-of-the-art models in terms of intelligibility, naturalness, speaker similarity, acoustic characteristics preservation, and dynamic pace. Notably, Flamed-TTS achieves the best WER of 4% compared to the leading zero-shot TTS baselines, while maintaining low latency in inference and high fidelity in generated speech. Code and audio samples are available at our demo page https://flamed-tts.github.io.