The Zr55Ni5Al10Cu30 alloy was prepared by copper-mold casting method. The microstructure of the alloy was examined by integrating the X-ray diffraction, scanning electron microscope and electron probe microanalyzer. It was found that the alloy cast in the mold with 3mm in diameter contains amorphous and Cu10Zr7 phases, while the alloys cast in the mold with 6 (D6) and 10mm in diameter consist of Cu10Zr7, CuZr2 crystalline and amorphous phases. The quasi-static experiment result shows that the compressive fracture strength of D6 is up to 1560MPa. Moreover, it was found that the Zr55Ni5Al10Cu30 alloy burned completely in air based on the evolution of bright spark during ballistic impact testing. The obviously reaming effect to impact target indicates that the Zr55Ni5Al10Cu30 alloy has a promising application in reactive material.