A new energetic plasticizer 1, 3-diazido-2-azido-propyl acetate (PCPAA) was synthesized via. azide substitution, hydrolysis, esterification etc reaction using ethylchloroacetate as primary substance. Its structure was identified by IR spectrometry, nuclear magnetic resonance spectrometry and elemental analysis. The esterification reaction conditions were optimized. The factors affecting the esterification reaction yield, including 1, 3-diazido-propan-2-ol (DAG)/ 2-azido-acetic acid (AAE) molar ratio, catalyst, and reaction time were investigated. The thermal properties, friction sensitivity and impact sensitivity of PCPAA were measured by DSC and sensitivity tester. Results show that under the determined optimal reaction conditions of esterification reaction: molar ratio of DAG/AAE is 1.4, catalyst is H₂SO₄, reaction time is 9 h, the yield is 71.4% and the purity is 99.1%. For PCPAA, ρ=1.32 g·cm^-3, glass transition temperature as T_g (DSC) < -80 ℃, decomposition peak temperature T_p(DSC)=240.7 ℃, friction sensitivity as 0%, impact sensitivity as 37.2 cm.