The effect of oxidizers (HNIW, AP and HMX) and binders (BAMO, GAP, PET and HTPB) on energy characteristics of the AN-based propellants is investigated by the least free energy method. Results show that high energy compound HNIW to increase energy level of the AN-based propellants is always not higher than that of other two oxidizers. The amplitude of HNIW to increase the specific impulse of the AN-based propellants is higher than that of HMX, and less than that of AP when the content of binder is equal to 15%,however the amplitude of HNIW to increase the specific impulse of the AN-based propellants is higher than that of HMX and AP when the content of binder is equal to 5%. Non-energetic binders benefit increasing energy of the AN-based propellants in lower content （＜12%）binder system, but energetic binders benefit increasing energy of the AN-based propellants in higher content（＞13%）binder system. GAP is more beneficial to increasing energy better than BAMO, and every binder all exists a optimum addition amount.