Investigating the correlations between solid component factors, burning rate, and the impact, friction, and electrostatic spark sensitivities of HTPB (Hydroxyl-Terminated Polybutadiene) propellant slurry and its final product is of great significance for ensuring the safe production and performance optimization of solid propellants. In this study, the grey relational analysis method was employed to evaluate the relationships between solid components information (aluminum content, ammonium perchlorate content, RDX content and the proportion of total solid components in the overall mass) and burn rate with the impact, friction, and electrostatic spark sensitivities of both HTPB propellant slurry and its final product. The key influencing factors for each sensitivity parameter were identified. The results indicate that ammonium perchlorate content is the primary factor affecting the impact and electrostatic spark sensitivities of HTPB propellant slurry, while RDX content has the most significant influence on its friction sensitivity. Regarding the sensitivity of the final product, aluminum content is the dominant factor influencing impact sensitivity, whereas burn rate and solid content are the key factors affecting friction sensitivity and electrostatic spark sensitivity, respectively.