A type of new perfusion explosive was prepared through the perfusion molding process, in which expired SF-3 double-based propellants were used as ingredients and the charge of propellant particles were filled with energetic fluid. The detonation performance of the perfusion explosive was studied through the witness plate test. Explosion reaction was recorded by high-speed camera. The shock wave overpressure and release energy were measured by the air explosion and underwater blast respectively. The results show that through the perfusion molding process, expired SF-3 double-based propellants can be reused to manufacture industrial explosive with excellant performance. With the sensitizer content increasing, the detonation sensitivity increases, but the detonation velocity, overpressure and the release energy almost keep the same. The density of this perfusion explosive can be 1.52 g·cm^-3, and the detonation velocity is 6600 m·s^-1 when the diameter is 60 mm. TNT equivalence of the explosive is over 1 when the proportion distance range is 1.65~4.5 m·kg^-1/3. The shock wave energy is 1.57 MJ·kg^-1 and total energy is 4.16 MJ·kg^-1, both more than the common industrial explosives, but slightly lower than TNT.