The content and particle size of aluminum powder in thermobaric explosives (TBXs) directly influence the energy output structure of explosions, significantly affecting the characteristic “post-combustion effect” of TBXs, which is crucial to the formation of the “thermobaric effect.” This paper discusses the influence of aluminum powder content and particle size on the explosive energy, pressure effect, thermal damage effect, and asphyxiation effect of TBXs. It also analyzes the mechanism by which aluminum influences the post-combustion reaction, identifying the optimal content and particle size range for aluminum addition in TBXs. Looking ahead, future research should focus on the reaction kinetics of energy release from aluminum powder, develop corresponding testing methods, and thoroughly analyze the energy release process of TBXs, providing a foundation for the precise control of formulation design and energy output structure.