High-energy substances like effect propellant and propellant are used in fireworks. In the process of manufacture, transportation, and use, heat can easily get out of control. The emulsifier polyisobutene succinimide (T152) is frequently used to emulsify explosives. Given the thermal safety of the propellant in fireworks, this paper used the emulsifier T152 to emulsify the propellant. Thermogravimetric Fourier-transform infrared spectrometry and differential scanning calorimetry were used to analyze and test the propellant. In addition, several methods of thermokinetic calculation were used to calculate thermal stability. The thermal stability of the propellant before and after adding T152 was compared and analyzed. The test results indicate that the apparent activation energy of the propellant increases with the addition of T152. The emulsifier improved the thermal stability of the propellant. The research results can provide relevant data and suggestions for the thermal reaction of pyrotechnic propellants, thereby reducing the potential risks of the fireworks industry.