In order to scientifically evaluate the energy release and conversion efficiency of blast-fragmentation warhead with aluminized explosive charge after detonation, the equal charge volume evaluation method and the equal charge quality evaluation method for explosion power of aluminized explosive are proposed. Taking the acceleration capability of fragment, the overpressure of shock wave and the specific impulse as the evaluation parameters, the test results of the standard blast-fragmentation warheads loaded with aluminized explosives with the content of aluminum powder of 0%-25% were analyzed and evaluated by using the methods of equal charge volume evaluation and equal charge quality evaluation. The results show that the content of aluminum powder has an important influence on the explosion power, and the density effect is the main reason for the increase of the results of equal charge volume evaluation. This method has certain engineering application value.