A new type of ammonium nitrate fuel oil (ANFO) explosive was investigated to solve the problem of low detonation velocity, which was made of ammonium nitrate water solution, surfactant, oil by C—O—H chemical structure, and dried under vacuum condition. The microstructure, thermal stability and mechanical sensitivity were analyzed. The effect of charge density on detonation velocity was studied. The advantage of new type of explosives was also analyzed. Results show that the mixture uniformity of components and thermal stability are good. When the charge density is 0.86 g·cm^-3, the detonation velocity is 4400 m·s^-1. The hydrogen bonding interaction of hydrogen atom of ammonium group and carbonyl in oil, increases detonation velocity of the explosive.