The HTPE (hydroxyl-terminated polyether) propellant had a lower ignition temperature (150 °C vs. 240 °C) than the HTPB (hydroxy-terminated polybutadiene) propellant in the slow cook-off test. The reactions of the two propellants were combustion and explosion, respectively. A series of experiments including the changes of colors and the intensity of infrared characteristic peaks were designed to characterize the differences in the thermal response mechanisms of the HTPB and HTPE binder systems. As a solid phase filler to accidental ignition, the weight loss and microscopic morphology of AP (30~230 °C) were observed by TG and SEM. The defects of the propellant caused by the cook-off were quantitatively analyzed by the box counting method. Above 120 °C, the HTPE propellant began to melt and disperse in the holes, filling the cracks, which generated during the decomposition of AP at a low temperature. Melting products were called the “high-temperature self-repair body”. A series of analyses proved that the different thermal responses of the two binders were the main cause of the slow cook-off results, which were likewise verified in the propellant mechanical properties and gel fraction test. From the microscopic point of view, the mechanism of HTPE’s slow cook-off performance superior to HTPB was revealed in this article.