Studying　the　ignition　and　combustion　performances　of　modified　aluminum-based　metallic　fuels　in　variable　oxidizing　atmospheres　is　highly　important　for　large-scale　space　exploration.　In　this　study,　Al-B-Mg　multi-metal　composite　powders　(MMP)　were　prepared　using　the　mechanical　ball-milling　method.It　was　coated　respectively　by　ammonium　perchlorate　(AP),　lithium　perchlorate　(LP),　and　potassium　nitrate　(KN)　to　obtain　modified　multi-　metal　composite　powder　fuels　(AP@MMP,　LP@MMP,　and　KN@MMP,　respectively)　by　a　recrystallization　method.　The　samples　were　characterized　and　their　thermal　oxidation,　ignition　and　combustion　processes　were　investigated　through　a　TG　and　laser-ignition　experiment　under　Air/H2O　environments.　The　results　show　that　the　MMP　samples　can　potentially　be　called　pure　aluminum　substitutes.　All　three　samples　exhibit　fast　ignition　characteristics　with　ignition　delay　times　of　2.95-6.75　ms　in　air.　AP@MMP　exhibits　the　highest　ignition　speed.　The　thermal　oxidation,　ignition,　and　combustion　properties　of　all　samples　decayed　with　increasing　water　content　in　the　atmosphere　(Air　-＞　Air+H2O　-＞　H2O).　AP@MMP　exhibits　a　significantly　more　intense　and　stable　combustion　overall　than　LP@MMP　and　KN@MMP.　This　study　expands　the　direction　and　application　range　of　aluminum-　based　composite　metal　fuels,　guiding　their　applications　in　Air/H2O　environments.