Taking CL-20 (Hexanitrohexaazaisowurtzitane)-based aluminized explosives with high gurney energy as the research object, this research experimentally investigates the work capability of different aluminized explosive formulations when driving metal flyer plates in the denotation wave propagation direction. The research results showed that the formulations with 43 μm aluminum (Al) powder particles (The particle sizes of Al powder were in the range of 2∼43 μm) exhibited the optimal performance in driving flyer plates along the denotation wave propagation direction. Compared to the formulations with Al powder 13 μm, the formulations with Al powder 2 μm delivered better performance in accelerating metal flyer plates in the early stage, which, however, turned to be poor in the later stage. The CL-20-based explosives containing 25% Al far under-performed those containing 15% Al. Based on the proposed quasi-isentropic hypothesis, relevant isentropy theories, and the functional relationship between detonation parameters and entropy as well as Al reaction degree, the characteristic lines of aluminized explosives in accelerating flyer plates were theoretically studied, a quasi-isentropic theoretical model for the aluminized explosive driving the flyer plate was built and the calculation methods for the variations of flyer plate velocity, Al reaction degree, and detonation product parameters with time and axial positions were developed. The theoretical model built is verified by the experimental results of the CL-20-based aluminized explosive driving flyer plate. It was found that the model built could accurately calculate the variations of flyer plate velocity and Al reaction degree over time. In addition, how physical parameters including detonation product pressure and temperature varied with time and axial positions was identified. The action time of the positive pressure after the detonation of aluminized explosives was found prolonged and the downtrend of the temperature was slowed down and even reversed to a slight rise due to the aftereffect reaction between the Al powder and the detonation products.