To study the mechanical properties of Al/Fe₂O₃/polytetrafluoroethylene(Al/Fe₂O₃/PTFE)material under quasi-static compression and the reaction characteristics under drop-weight impact conditions, Al/Fe₂O₃/PTFE multifunctional structural energetic materials were prepared by adding different volume fractions of PTFE as binder on the basis of Al/Fe₂O₃. Scanning electron microscope (SEM), energy dispersive spectrometer(EDS), and X-ray diffractometer (XRD) were used to characterize the composites. The results show that, under quasi-static compression, the compressive strength, strain hardening modulus, yield strength, density and maximum real strain of the composites increase with the increase of PTFE content. When the volume fraction of PTFE increases from 40% to 80%, the strength of the composites gradually increases from 16 MPa to 87 MPa. Under drop-weight impact conditions, the Al/Fe₂O₃/PTFE composites with 40% and 60% PTFE can both explode and burn severely under the impact of drop weight, while the reactions of composites with 80% PTFE are very weak, only faint slight is observed by high speed photography. With the increase of PTFE, the sensitivities of the composites decrease gradually, and the characteristic drop height is 55, 58 cm and 85 cm respectively. In addition, the ignition time delay was 50, 100 μs and 200 μs respectively.The reaction products of Al/Fe₂O₃/PTFE composites with 40% PTFE after drop-weight impact are AlF₃, Al₂O₃, FeF₂ and C, confirming the occurrence of the thermite reaction. FeF₂ is not the product of the reaction of PTFE with Fe₂O₃, but is produce by the reaction between Fe produced by the thermite reaction and the decomposition products of PTFE.