The paper investigates the energy release characteristic of Al-WO3 in dynamic loads, which is a metastable thermite belonging to multifunctional energetic structural material. The Al-WO3 powders of different compositions were first pressed, the formability were studied. On the basis of the fine formability, the Al-WO3 powders of three molar ratios (6:1, 8:1, 10:1) were moulded into an approximate hemispherical liner. The reaction energy release characteristic of reactive fragments in dynamic loads was studied. The three kinds of reactive fragments penetrated the steel targets, respectively in high and low detonation velocities, and the penetrating effects were analyzed. The results showed that the Al-WO3 energetic materials could keep fine formability and reaction energy release property at the molar ratio of 8 to 1.