In order to obtain a new type of alloy fuel with excellent thermal oxidation and energy release performance， the spherical aluminum-tungsten alloy fuel powder （Al-25W） was prepared by the combination of aluminothermic reduction and ultra-high temperature gas atomization. The phase structure， oxidation behavior， and energy properties of the alloy powder were studied. The results show that the metastable Al/W alloy phase in the spherical Al-25W alloy powder particles is uniformly distributed in the pure Al matrix， and transform into the Al₁₂W phase after the stabilization treatment， and the energy is released to the outside. The spherical Al-25W alloy powder has higher oxidation heat release and oxidation weight gain than pure Al powder. It can be completely oxidized in air at 1400 ℃， with all W atoms oxidized to WO₃ and volatilized in the gaseous form. The residual oxidation product is only Al₂O₃. The measured volumetric combustion enthalpy of the spherical Al-25W alloy powder is higher than that of pure Al powder （83000 J·cm^-3） calculated theoretically， up to （83132.1±608.5） J·cm^-3， and the gaseous combustion product WO₃ is generated during the violent combustion.