Aluminum-lithium alloys are widely studied to improve performance in energetic materials. However, their high reactivity causes severe surface oxidation over micro-Al particles in storage, resulting in significant deterioration in the overall performance. This study deals with the effect of iron coating on thermal properties and aging stability of aluminum-lithium alloy powder. Gas atomized Al-3Li (3 wt.%) alloy powder was prepared and then successfully coated with nano-sized iron film by modified chemical liquid deposition method. The morphology, thermal properties and combustion enthalpies were characterized by SEM/ EDX, TG/DTA and oxygen bomb calorimeter. The results showed that Fe/Al-3Li composite powder presented obvious core-shell structure and the outer iron film was very uniform and compact. Significantly enhanced thermal reactivities of Al-3Li alloy powder and Fe/Al-3Li composite powder were achieved compared with pure Al. In addition, aging studies indicated that, after coating, the reactivity decay rates of alloy powder decreased significantly, and the mass combustion enthalpies remained basically stable, which demonstrated that iron coating indeed prevented pre-oxidation of the alloy powder and improved its aging stability.