Thermite has become a hot research topic in the field of energetic materials in recent years due to its high combustion efficiency and fast energy release rate. However, during its preparation process, agglomeration between components is prone to occur, which seriously affects its reaction performance. In order to change the contact mode between raw materials and improve the agglomeration phenomenon of nano-thermite components, Al/Fe2O3 was prepared by the sol-gel method and compared with samples prepared by the mechanical ball milling method with characterization and experiments. In an effort to analyze the effects of preparation methods on the morphology characteristics and thermodynamic properties of the samples, the samples were characterized by SEM, XRD, and DSC. Meanwhile, combustion tests were used to investigate the combustion characteristics of samples. The results show that compared with mechanical ball milling method, the samples prepared by the sol-gel method are more evenly distributed and the activation energy of the first stage is lower. In addition, the combustion process of the samples prepared by the sol gel method is more uniform and stable, with higher peak combustion pressure and pressurization rate of constant volume combustion. However, due to the incomplete conversion of Fe (NO3)3<middle dot>9H2O during the preparation process, the combustion temperature is lower. The research results could provide valuable references for the modification and formulation design of thermites.