Tests such as the orthogonal and single-factor test were conducted on the chipping of a hydroxyl-terminated polybutadiene propellant (HTPB) using a high-pressure water jet as part of the research on the chipping performance of jet parameters under different work conditions. Within the range of 48 MPa to 96 MPa for outlet pressure, which was measured based on the weight loss rate of the propellant, the optimization of four jet parameters under stationary mode was completed through an orthogonal test. These four jet parameters include outlet pressure, standoff distance, nozzle diameter, and rotation speed. Based on the optimum nozzle diameter and rotation speed obtained from the orthogonal test, the effects of the three jet parameters, including outlet pressure, standoff distance, and traverse speed, on chipping performance were analyzed by measuring weight loss rate and chipping depth under traveling mode. The results showed that each jet parameter had a corresponding optimum value for the chipping performance under stationary mode. When the outlet pressure was 96 MPa, standoff distance was 20 mm, nozzle diameter was 0.3 mm, and rotation speed was 3000 rpm, the verification test revealed a weight loss rate as high as 68.3%. Under traveling mode, the weight loss rate and the chipping depth both corresponded to increasing outlet pressure and decreasing standoff distance, whereas the trend of decay corresponded to increasing rotation speed. The jet parameters, the chipping performances of which were tested under different work conditions, can be applied as a theoretical foundation for the future disposal of rocket engines.