As a common metal powder, aluminum powder is widely used in all kinds of energetic products. However, because of its high risk characteristics, and the mixing process of preparing aluminum-containing explosive needs to mix aluminum powder and explosive evenly under the conditions of high-temperature heating and rotating equipment, the safety risk is higher. In this paper, HAZOP evaluation method was adopted, combining with the process equipment in the mixing process, to systematically expressed the actual working process and using method of HAZOP analysis, and to evaluate the consequences caused by different deviations, and to put forward corresponding improvement measures to reduce the risk level, which provided a reference for other mixing processes with the same type of aluminum powder.