The design of efficient catalysts for the pyrolysis of ammonium perchlorate (AP) is important for the performance of composite solid propellants. Co3O4@ZnO heterojunction composites were fabricated by hydrothermal and calcination treatments and used to promote the thermal decomposition of AP. The influences of the Co/Zn molar ratio on the catalytic performance and the content of decomposition products of AP were investigated by various techniques such as TEM, XPS, BET, EIS, and TG-IR. The results revealed that the Co/Zn = 3 sample exhibited excellent performance with the high-temperature decomposition (HTD) temperature of AP reduced from 410°C to 295 °C and the apparent activation energy decreased to 98.7 kJ/mol in the case of 2 wt% addition, attributed to the construction of a heterojunction with abundant active sites enhancing the charge transfer capability between the Co3O4 and ZnO. The decomposition pathway of AP is influenced by the catalyst components, and the Co/Zn = 3 nanostructures demonstrated outstanding catalytic performance by accelerating the decomposition of HClO4 and the conversion of NH3, and promoting the production of N2O, NO, and NO2. This work provides a feasible strategy for the development of Co3O4@ZnO catalysts with excellent catalytic activity towards AP.