In order to investigate the effect of graphene powder on the ignition mechanism of cyclotetramethylene tetranitramine (HMX) and propellant under low‐velocity impact, an improved drop hammer impact system equipped with a high‐speed camera was used to study the ignition response of HMX, HMX and graphene mixture, and graphene‐based propellant. The results show that HMX undergoes mechanical deformation, physical melting, and chemical response under different impact loading heights. The mixture of HMX and graphene experienced crack initiation, crack propagation, jetting, and carbonization effect during the whole impact loading process. The whole process of graphene‐based propellant impact undergoes mechanical deformation and chemical response (hot‐spot and ignition). The ignition thresholds of HMX and HMX powder‐graphene mixture were 20 and 25 cm, respectively. It is revealed that graphene powder has an inhibitory effect on the hot‐spot ignition formation of HMX. The ignition threshold of the graphene‐based propellant is 4.245 m/s. It is revealed that the ignition mechanism of the three types of specimens under low‐velocity impact loading is particle friction.