The physical, thermal and ballistic performance of paraffin-based fuel loaded with aluminum (Al) additive was investigated. The paraffin-based fuels were prepared using varying weight percentages of polyethylene (PE) as a binder and Al as an energetic additive. The mechanical tests showed significant improvement in compression strength and elastic modulus with the addition of PE and Al to pure paraffin wax. The ignition performance, combustion characteristics, and exothermic behavior of these paraffin-based fuels were studied through Thermogravimetry/DerivativeThermoGravimetry/Differential Scanning Calorimetry (TG/DTG/DSC) experiments. The addition of PE increased the ignition and binder temperature, whereas the incorporation of a metallic additive lowered the decomposition temperature. The heat of combustion of paraffin-based fuel samples increased as the Al loading content was increased from 5 wt % to 25 wt %. The ignition and combustion indices were calculated to evaluate the ignitability and combustion reaction ability of the fuels. The rheological investigation indicated that the addition of PE to paraffin had increased the melt layer viscosity, whereas the effect of Al powder on viscosity was small. The ballistic tests were performed under gaseous oxygen, and the results revealed that the regression rate decreased with increasing PE content (5 wt % to 10 wt %) in the paraffin wax. The addition of aluminum increased the regression rate compensating for the loss of regression rate due to PE addition.