Taking μ-HMX particles as the main research subject, a set of microdroplet sphericalization coating technology platforms was designed and constructed to realize the preparation of composite microspheres by sphericalization coating of μ-HMX. The suspension stability of μ-HMX particles and the mechanism of droplet formation were investigated, and the application effect of nanocarbon materials was also analyzed. The results showed that the prepared sample microspheres all showed a better spherical morphology, as well as good dispersibility; the samples with micron-sized particles for spherical coating had a lower thermal decomposition temperature, a higher energy release efficiency, lower mechanical sensibility, and better combustion performance; the incorporation of CNFs changed the combustion mode of the system, which resulted in the microsphere system of μ-HMX having a good safety performance. The stability and feasibility of uniform spheronization when the dispersed phase is a low-concentration particle suspension system in the spheronization encapsulation process by microdroplet technology were verified.