As a kind of high-efficiency explosive with compound destructive capability, the energy output law of thermobaric explosives has been receiving great attention. In order to investigate the effects of main components on the explosive characteristics of thermobaric explosives, various high explosives and oxidants were selected to formulate five different types of thermobaric explosive. Then they were tested in both open space and closed space respectively. Pressure measurement system, high-speed camera, infrared thermal imager and multispectral temperature measurement system were used for pressure, temperature and fireball recording. The effects of different components on the explosive characteristics of thermobaric explosive were analyzed. The results showed that in open space, the overpressure is dominated by the high explosives content in the formulation. The addition of the oxidants will decrease the explosion overpressure but will increase the duration and overall brightness of the fireball. While in closed space, the quasi-static pressure formed after the explosion is positively correlated with the temperature and gas production. In addition, it was found that the differences in shell constraints can also alter the afterburning reaction of thermobaric explosives, thus affecting their energy output characteristics. PVC shell constraint obviously increases the overpressure and makes the fireball burn more violently.