In order to solve the short stabilization time of the water‐in‐oil emulsion binder system and the shortcomings of the critical blast size of the explosive ink molding sample, a water‐in‐oil emulsion binder was designed with polyvinyl alcohol (PVA) aqueous solution as the aqueous phase, fluorocarbon resin (FEVE) ethyl acetate solution as the oil phase, and toluene diisocyanate (TDI) added to modify the water‐in‐oil emulsion binder. The hexanitrohexaazaisowurtzitane(CL‐20)based explosive ink was made by incorporating submicron CL‐20 into the binder system, and the print‐formed samples were tested for microscopic morphology, crystallographic analysis, mechanical susceptibility, and detonation transmission performance. The results showed that the explosive ink‘s viscosity was moderate and suitable for direct printing, and the formed sample‘s surface particles were uniformly dispersed and had a honeycomb structure. The crystal form of CL‐20 explosive in the explosive ink did not change, the molded sample‘s impact and frictional sensitivities were 1 J and 32 N lower than those of submicron CL‐20, respectively, and the detonation velocity of the molded sample was 6655 m/s. The critical detonation size and critical detonation thickness were 1×0.0078 mm and 0.1 mm, respectively, and a critical detonation corner turning of 90°–160° could be achieved. The results show that the prepared binder system is stable for a long time, and the explosive ink molding samples have excellent blast transmission performance.