SiCp/Al composites have excellent physical properties and are widely used in aerospace and other fields. Because of their poor machinability, they are often machined by non-traditional machining methods such as electrical discharge machining (EDM). In the process of EDM, due to the "shielding" effect of the reinforced particles of SiC, the local ejection force is low during the processing process, and it is difficult to throw the reinforced particles smoothly, which ultimately leads to a low material removal rate and poor surface quality. In this paper, a high-low-voltage composite ejecting-explosion EDM power supply is developed to explore the explosive effect of reinforced particles in the ejecting-explosion EDM process and the unique process law of the explosion process. The experiment platform uses self-developed CNC machining machine tools based on an ejecting-explosive EDM power supply, and the influence of a detonation-increasing wave on the processing of SiCp/Al composites with different volume fractions was studied by changing four factors: the open-circuit voltage difference, pulse current difference, pulse phase difference, and pulse width difference of the back wave behind the step front. The material removal rate and surface roughness were measured. The research results showed that the material removal rate could be increased to 164.63%, and the material surface roughness could be increased to 30.03% by adjusting the high and low pulse current difference from 1 A to 8 A. When the voltage difference between high and low wave (HLW) pulses increases from 40 V to 120 V, the material removal rate can be increased to 150.39%, and the material surface roughness can be increased to 20.49%. The material removal rate increases with the increase in pulse phase difference and open-circuit voltage difference. With the increase in peak current difference and pulse width difference, the material removal rate becomes faster at first and then slower. The surface roughness of materials increases with the growth of open-circuit voltage difference, peak current difference, pulse width difference, and pulse phase difference.