To obtain new energetic materials with high energy， low sensitivity and liable storage， TKX-50/AP composite microspheres were prepared by spray drying method. The effects of different feed rates on the morphology of composite microspheres were investigated， and the optimum process conditions were obtained. The morphology and crystal form of the samples were characterized by scanning electron microscope， X-ray diffractometer and Fourier infrared spectrometer. The thermal decomposition performance， impact sensitivity and hygroscopicity of the microspheres were also studied. Results show that the samples are spherical particles with sphericity of Φ=96.40% and d₅₀=1.33 μm at the feed rate of 3.6 mL·min^-1. The crystal structure is different from that of mechanical mixing of TKX-50 and AP. The thermal decomposition activation energy is 184.43 kJ·mol^-1， the characteristic drop is 50.1 cm， and the hygroscopicity is 37% lower than that of the physical mixing， showing excellent safety performance.