Effects of the oxidant (HMX or CL-20) on the combustion performances of Al/H₂O based fuels were studied by a series of experimental techniques in air atmosphere. The experimental results show that,compared with CL-20 addition,HMX makes Al powders burn much thoroughly,and it has better effect in increasing the temperature of burning surface. However,CL-20 addition makes the heat transfer faster than HMX and improves the burning rate markedly. The experimental results are considered to be closely related to the thermal decomposition and combustion characteristics of CL-20 and HMX.