RDX/Al/wax explosives (RDX = cyclotrimethylenetrinitramine; (O2NNCH2)3) were studied in experiments designed to elucidate the effects of Al content and the surrounding medium on the energy output of aluminized explosives. Explosives with Al contents of 0%, 15%, and 30% were compared in water and concrete media. Results indicate that the explosive's bubble energy in water is higher (by 66%–90%) than the expansion energy in concrete. Heat, sound, and other energies in water (0.28–0.84 MJ kg–1) were much lower than that in concrete (1.49–2.81 MJ kg–1). For shock wave energy, the different media have much less impact on shock wave energy, with that in water being only 0.7%–7% higher than in concrete. The test data presented in this paper improve our understanding of how Al and the surrounding medium contribute to the energy output of the explosive, which is of great significance for improving the energy utilization efficiency of aluminized explosives in water and concrete.