The reaction mechanism of Ti-Ni metallized explosive is investigated by detonation heat comparison between calculation and experiment result and X-ray experimentation of solid reaction products. The results of X-ray experiments show that there are oxide and alloy in the detonation products. The content of titanium which is oxidized into oxide is 57.0%, which is more than that of titanium turning into alloy. So there is not only alloy reaction but also oxidization reaction in the reaction of metallized explosive containing Ti-Ni metal powder, and oxidization reaction is faster than alloy reaction, which is in line with chemistry kinetics.