Octagon (HMX) based metalized explosive containing boron (B)/aluminum(Al) compound powder, oxidizer ammonium perchlorate(AP) and binder hydroxyl-terminated polybutadiene(HTPB) was designed and prepared. The appearance morphology of B powder, Al powder and B-Al compound powder were observed by SEM. The effects of HMX and AP on the thermal oxidation characteristics of B and Al powder were investigated by TG-DSC. A deeper understanding of reaction kinetic mechanism of the B and Al powder was made. The sensitivities(impact sensitivity, friction sensitivity, electrostatic spark sensitivity, cap initiation sensitivity) and ignition and propagation properties for metalized containing B/Al were measured, which made a fully acknowledge of the safety under different external energy stimuli and ability of detonation propagation. The results show that there are many small particles of B powder on the surface of spherical Al powder in the B-Al compound powder. From room temperature(25 ℃) to 1000 ℃ under N₂ atmosphere, although the pressures have an effect on the thermal decomposition peak temperature of HMX and AP, however partial oxidation of Al powder and B powder only occurs, whereas the combustion does not occur. The impact sensitivity, friction sensitivity and electrostatic spark sensitivity of the metalized explosives containing B and Al powder are 40%-80%, 100% and 3.83-6.40 kV respectively, and all the metalized explosives designed can be intiated by 8^# industrial detonator, which indicates that the mechanical sensitivity of the metalized explosive containing B and Al powder without binder is high. The mechanical sensitivity is obviously lowered by adding desensitized HMX and AP, and it can be further lowered by adding polyurethane binder. By increasing the 20% content of polyurethane binder HTPB, the impact sensitivity and friction sensitivity of the HMX based metalized explosive containing B powder can be reduced less than 10% and 30%, respectively, revealing that the safety requirements for preparation and processing technology of mixed explosive can be satisfied. Additionally, the metalized explosive of Ф 50 mm can be intiated by 8^# industrial detonator and can propagate stable detonation, showing a strong after-effect power ability.