To evaluate the thermal properties and promote the application of 2,3-bis(hydroxymethyl)-2,3-dinitro-1,4-butanediol tetranitrate (BHDBT), thermal behavior of BHDBT was studied systematically using differential scanning calorimetry (DSC), thermogravimetric analysis (TG/DTG) and thermogravimetric-infrared-mass spectrometry (TG-IR-MS) techniques. The results show that the thermal behavior of BHDBT presents two stages, one is an obvious endothermic melting process, the other is a big exothermic decomposition process with mass loss of about 81 %, and the peak temperatures (Tp) of two processes are 86.5 °C and 186.9 °C at the heating rate of 10 °C min−1, respectively. In high-pressure sealed crucible, BHDBT presents similar thermal behavior to that in common open crucible. Non-isothermal decomposition kinetics equation of BHDBT was obtained, and the possible thermal decomposition mechanism for BHDBT was proposed based on the main gas-phase products, including H2O, HCN, CO, CO2, NO, N2O and NO2, which are proved by TG-IR-MS testing results. Finally, the combustion heat and standard molar enthalpy of formation of BHDBT were measured and calculated. All results will provide a theoretical support for the application of BHDBT.