Purpose: Depending on the explosive effects and purposes, Plastic-Bonded Explosive (PBX) containing molecular explosive powder, metal powder, oxidizer, and other components is developed. Various components have complicated the analysis of thermal properties. Ammonium Perchlorate (AP) is used as an oxidizer for metal oxidation. To analyze the thermal property of PBX, we commonly measured the thermal constant, such as the activation energy, and the reaction rate. In this case of PBX including AP, even Differential Scanning Calorimetry (DSC) measurement, which is widely used for thermal analysis, has become difficult to analyze.BRMethods: PBX including AP is performed by the TGA at different temperature rates. We described the thermal property using Advanced Kinetics and Technology Solutions (AKTS) thermal software program with TGA data.BRResults: Two steps of mass loss were observed in the temperature range 25–450℃. Thermal kinetic parameters were evaluated using the iso-conversional differential method and iso-conversional integral method.BRConclusion: The calculated thermal kinetic parameter demonstrated the prediction of the thermal aging of PBX.