In recent years, various kinds of civil explosive detonation accidents have occurred frequently around the world, resulting in substantial human casualties and significant property losses. It is generally believed that thermal stimulation plays a critical role in triggering the detonation of explosives; consequently, the study of the thermal hazards of explosives is of great significance to many aspects of safety emergency management practices in the production, transportation, storage, and use of explosives. It is known that the thermal stability of the ammonium perchlorate-aluminium system and the ammonium nitrate-aluminium system has been extensively investigated previously in the literature. However, there is a paucity of research on the thermal hazard characteristics of non-ideal explosives under varying oxygen balance conditions within the academic sphere. Therefore, this research focused on the study of the thermal hazards of non-ideal explosives based on thermokinetic analysis. The thermal hazards of non-ideal explosive mixtures of ammonium perchlorate and aluminium and of ammonium nitrate and aluminium were studied by thermal analysis kinetics. The thermokinetic parameters were meticulously studied through differential scanning calorimetry (DSC) analysis. The results showed that the peak reaction temperature and activation energy of the ammonium perchlorate-aluminium system were significantly higher than those of the ammonium nitrate-aluminium system. Under the condition of zero oxygen balance, the peak reaction temperature of the ammonium nitrate-aluminium system was 259 °C (heating rate 5 °C/min), and the activation energy was 84.7 kJ/mol. Under the same conditions, the peak reaction temperature and activation energy of the ammonium perchlorate-aluminium system were 292 °C (heating rate 5 °C/min) and 94.9 kJ/mol, respectively. These results indicate that the ammonium perchlorate-aluminium system has higher safety under the same thermal stimulation conditions. Furthermore, research on both non-ideal explosive systems reveals that the activation energy is at its peak under negative oxygen balance conditions, recorded at 104.2 kJ/mol (ammonium perchlorate-aluminium) and 86.2 kJ/mol (ammonium nitrate-aluminium), which indicates a higher degree of safety. Therefore, the investigation into the thermal hazards of non-ideal explosive systems under different oxygen balance conditions is of utmost importance for the enhancement and improvement of safety emergency management practices.