Boric acid and other impurities on the surface of boron (B) particles can interact with hydroxyl-terminated polybutadiene (HTPB), weakening the mechanical properties and energy release efficiency of boron-based solid rocket propellants. SA@B composite particles were created by coating stearic acid (SA) on the surface of B particles through solvent evaporation-induced self-assembly. The study investigated the impact of SA coating on the combustion performance of B particles and the mechanical properties of HTPB matrix composites. The results showed that the SA coating enhanced the oxidation efficiency of B particles in air. The combustion heat of SA@B composite particles is 30.29 MJ/g, about 50% higher than that of B particles. During the combustion of SA@B composite particles, fewer molten solid particles surround the flame, which enhances the stability of the combustion process of the B particles. Furthermore, the SA coating effectively enhanced the dispersion of B particles in HTPB. At a stretching speed of 100 mm/min, the tensile strength of the SA@B/HTPB composite materials is higher than that of the B/HTPB composite materials. Moreover, when the mass loading of the SA@B composite particles reaches 50 wt%, the tensile strength of SA@B/HTPB composite materials is 2.46 MPa. Activating the surface of boron particles with SA can significantly improve their compatibility with HTPB, which is crucial for the stable storage of boron-based solid rocket propellants.