To study the shock energy release characteristics of new ZrNiAlCuAg metastable alloy material, the shock overpressure experiments of energetic fragments were processed with quasi-sealed chamber test system. The change rule of overpressure time history curves, the overpressure peak value and growth rates of overpressure peak value of materials under different shock velocities were studied. The specific energy per unit mass and specific energy per volume of new ZrNiAlCuAg metastable alloy materials and multifunctional energetic structural materials were compared. The results show that the overpressure time history curves of materials show the characteristic of rapid rise first and slow decline later. The overpressure peak value and growth rate of overpressure peak value have positive correlations with the impact velocities. The reaction efficiency is close to 40% when the shock velocity is greater than 1400 m·s^-1. The energetic density of material was closed to other type of energetic fragments under lower shock velocities. The energetic density increases rapidly when the shock velocity reaches 1100 m·s^-1, which surpasses the other kinds of energetic fragments. The specific energy per unit mass of ZrNiAlCuAg metastable alloy material reaches 3.83 kJ·g^-1 and its specific energy per unit volume reaches 0.026 kJ·mm^-3 when the shock velocity is 1485 m·s^-1.