This research focuses on theoretically and experimentally evaluating the performance of a metallized hybrid-propellant, water-breathing ramjet. The aluminum and/or magnesium particles added to a polymeric (polyester) fuel grain are hydro-reactive, using the surrounding water as an oxidizer, in addition to a source of gas. Theoretically, the metal additives significantly increase the specific impulse of the motor, and as the percentage of the hydro-reactive ingredient increases, the theoretical performance increases as well. Additionally, aluminum is more energetic than magnesium. However, it was experimentally discovered that the addition of aluminum beyond 20% resulted in a slag formation and did not increase the specific impulse. Adding 30% of magnesium was relatively favorable to aluminum due to its better reactivity, enabling the achievement of an actual specific impulse of up to 485 s at standard conditions, approximately double the performance of common solid rockets.