In order to study the effect of fuel Mg and metal oxide CuO on the reaction of thermite, different proportions of Al-Mg alloys and MoO 3 -CuO metal oxides were prepared by mechanical ball milling, and then the samples of Al 1-x Mg x /(MoO 3 ) 1-x CuO x composite thermite were prepared by ultrasonic dispersion method. The samples were characterized by SEM, TG-DSC, and constant pressure combustion experiments. The results show that in quaternary thermite, adding CuO increases initial exothermic temperature, but increases exothermic heat in high-temperature regions, and effectively reduces the activation energy of the thermite reaction. On the contrary, adding Mg reduces exothermic heat in the high-temperature areas, but reduces initial exothermic temperature. After calculation, the quaternary thermite with the best exothermic performance is Al 0.8 Mg 0.2 /(MoO 3 ) 0.5 CuO 0.5 . Its initial reaction temperature is only 614 °C, but the heat release is up to 2217 J/g. Its activation energy is only 106.7 kJ/mol, but the critical temperature of thermal explosion is up to 927.9 K. At the same time, Al 0.8 Mg 0.2 /(MoO 3 ) 0.5 CuO 0.5 has better combustion performance. During combustion, the flame is jet-like, and the main products are Al 2 O 3 , Mo and Cu. This work provides a reference for studying the thermal safety and combustion performance of quaternary thermite.