The purpose of this study was to investigate the thermal stability and the decomposition kinetics of ethylene–propylene–diene monomer (EPDM) composite samples loaded with and without lead powder (50, 100, and 200 phr lead) using thermogravimetric analysis (TGA). TGA was carried out at different heating rates (5, 10, 20, and 30 °C/min) under inert conditions in the temperature range of 50–650 °C. Lead addition did not significantly change the onset temperature or peak position corresponding to the maximum decomposition rate of the first derivative of the TGA curve (DTGA) (onset at about 455 °C and Tm at about 475 °C). Peak separation for the DTGA curves indicated that the main decomposition region for EPDM, the host rubber, overlapped the main decomposition region for volatile components. The decomposition activation energy (Ea) and pre-exponent factor (A) were estimated using the Friedman (FM), Kissinger–Akahira–Sunose (KAS), and Flynn–Wall–Ozawa (FWO) iso-conversional methods. Average activation energy values of around 231, 230, and 223 kJ/mol were obtained for the EPDM host composite using the FM, FWO, and KAS methods, respectively. For a sample loaded with 100 phr lead, the average activation energy values obtained via the same three methods were 150, 159, and 155 kJ/mole, respectively. The results obtained from the three methods were compared with results obtained using the Kissinger and Augis–Bennett/Boswell methods, and strong convergence was found among the results of the five methods. A significant change in the entropy of the sample was detected with the addition of lead powder. For the KAS method, the change in entropy, ΔS, was −3.7 for EPDM host rubber and −90 for a sample loaded with 100 phr lead, α = 0.5.