MTV compositions were prepared by keeping the magnesium/Teflon ratio constant and increasing the Viton content of the mixture up to 14% by an increment of 2% to investigate the effect of binder content on the heat of explosion, which is found to increase with the increasing Viton percentage as the magnesium content concomitantly goes down toward the stoichiometric value. In the second part of the study, fuel-rich MTV compositions were prepared by changing the magnesium content and keeping the Viton fraction constant at a specific value to investigate the effect of magnesium content on the heat of explosion and combustion characteristics. The observed general trend is that the heat of explosion of MTV compositions decreases as the magnesium content increases. All the MTV compositions were tested in a closed vessel to measure the maximum pressure achieved and the rate of reaching this pressure. The ignition performance of three selected MTV compositions was examined in 2.75 inch rocket motor by using the same charge of igniter and the same HTPB/AP composite propellant of the equal amount in each test. Two of them have excellent ignition performance and, therefore, can be used as igniter for the HTPB/AP based composite rocket propellants.