Mechanical activation has been employed to produce highly reactive energy-saturated Mg/(-C2F4-)n composites, chemical transformations in which are initiated by either heating or shock-wave loading. The structure and reactivity of these composites have been analyzed with the use of X-ray diffraction, microscopy, thermogravimetry, calorimetry, and the measurement of combustion and detonation velocities. Mechanical activation is accompanied by the formation of a magnesium/fluoroplastic composite structure with the intercomponent contact area as large as 6 m2/g and accumulation of chaotically arranged dislocations to concentrations as high as 6 × 1010 cm−2, basal and prismatic deformation stacking faults (the maximum probabilities of their formation are 2.1 and 1.4%, respectively), and boundaries of coherent-scattering regions in magnesium. In fluoroplastic, disordering and partial amorphization of the structure take place. Mechanical activation leads to a dramatic increase in the propagation velocity of Mg + (-C2F4-)n → MgF2 + C chemical reaction in the explosive combustion regime (to 400 m/s) and the development of knocking combustion, in which the reaction propagates at a velocity as high as 1100 m/s. The optimal dose of mechanical activation (7–8 kJ/g), at which the maximum velocity of reaction propagation is reached, has been determined. The use of a “slow” heating in the cell of a calorimeter in combination with the mass-spectral analysis of evolved gases has made it possible to distinguish processes of three types in the thermally activated interaction between magnesium and fluoroplastic. The formation of MgF2 at temperatures below 300°C seems to be due to the interaction between defects in magnesium (dislocations and stacking faults) and macromolecules. The reaction occurring at 300–420°C with a slight thermal effect is caused by the solid-phase interaction between magnesium and fluoroplastic brought in contact with one another. The main contribution to the conversion is made by the processes that take place at temperatures above 420°C and are relevant to the thermal depolymerization of fluoroplastic. The layered structure of the composite and the large area of the intercomponent contact ensure the penetration of gaseous products of depolymerization into the bulk of magnesium particles and the completeness of the interaction.