The inherent conflict between high energy density and low mechanical sensitivity represents a central challenge in the field of energetic materials. Although traditional nitramine compounds such as RDX, HMX, and CL-20 have significantly enhanced energy levels, they remain constrained by this trade-off. To explore new pathways for overcoming conventional performance limitations, researchers have proposed a strategy centered on rigid, planar fused-ring frameworks, leading to the development of nitrogen-rich fused-ring compounds. This review systematically outlines the evolution of this field, from the design of monocyclic systems (e.g., azoles, azines, and 1,2,5-oxadiazoles) to the integrated design of binary fused-ring systems. It highlights the conceptual design of representative molecules, key advances in synthetic methodologies—ranging from oxidative nitration to controlled rearrangement reactions—and the regulatory mechanisms of intermolecular interactions such as hydrogen-bonding networks and π-π stacking on material performance. This progression illustrates a paradigm shift from empirical trial-and-error to rational design and function-oriented customization. Finally, addressing the synthetic bottlenecks that constrain practical application, this review proposes that future breakthroughs require synergistic efforts across three dimensions: design, preparation, and application. This includes developing design methods that balance performance with synthetic feasibility, promoting synthetic technologies with improved safety profiles, and expanding the application scope of fused-ring energetic materials, thereby facilitating the transition from molecular design to practical implementation and providing a foundation for next-generation high-performance energetic materials.