This paper mainly expatiated the essential components of aluminized thermobaric explosive powder and its energy releasing efficiency in different environments, and dealt with the information of shock wave and fireballs spread abroad within explosion. Heats of the explosive samples were determined in oxygen, air and argon confined in stainless steel container. The effect of the circumstance to the energy releasing efficiency in confined condition was analyzed. Contemporary the energy releasing rates of the different metal additives were qualitatively analyzed. The temperature of the fire balls and the fireballs' durations were measured in the field test. The relationship of shock wave with fireball expanding was researched. The results indicated that the aluminized thermobaric explosive flake had a higher energy releasing efficiency and energy releasing rates in the oxygen environment. It could have produced a high temperature fireball and strong shock wave which brought an integrative damage.