The self-propagated exothermic reaction characteristics of Al/Ni multilayer powders can be employed as heat sources and controlled by cold-rolling conditions. This feature depends on the heat propagation inside of crystal grains. Therefore, the crystallographic factor that relates cold-rolling conditions to exothermic characteristics should be identified. To determine the change trend in crystallite size with the increase in the number of rolling passes, the crystallite sizes in the Al/Ni multilayer powder were calculated using Scherrer’s equation, and precise X-ray profiles were obtained using the synchrotron radiation X-ray diffraction method. The results indicate that the crystallite sizes were refined by increasing the number of rolling passes up to 30; from 30 to 40 passes, however, the crystallite sizes increased. It is assumed that, in addition to the Al/Ni multilayer powder being thin and multilayered, the increase in crystallite size at 40 passes allows for the smooth propagation of heat, consequently improving the exothermic characteristics. Therefore, crystallite size is the dominant parameter in the relationship between rolling conditions and exothermic characteristics.