A new propellant formulation (NC‐BTNEOx) based on bis(2,2,2‐trinitroethyl)oxalate (BTNEOx) as a high energy dense oxidizer (HEDO) mixed with nitrocellulose (NC) matrix was prepared and studied. BTNEOx was prepared and characterized by nuclear magnetic resonance (NMR) and X‐ray diffraction (XRD). Photos of the prepared formulation obtained by scanning electron microscope (SEM) clarified a good mixing of the nitrocellulose (NC) matrix with BTNEOx. A smokeless burning was observed and recorded for the prepared NC‐BTNEOx by a high speed camera. The thermal behavior and decomposition kinetics of the NC matrix, BTNEOx and their mixture have been investigated nonisothermally by using thermogravimetric analysis (TGA) and Differential scanning calorimetry (DSC). Isoconversional (model‐free) methods; Kissinger, Ozawa and Flynn−Wall (OFW) and Kissinger−Akahira−Sunose (KAS), were used to determine the kinetic parameters of the studied samples. The results proved that BTNEOx has melting temperature at 104.1 °C and maximum peak temperature at 200.6 °C, also it has effective activation energy in the range of 107–110 kJ/mol. The prepared NC‐BTNEOx has no endothermic peak and has exothermic peak at 201.7 °C which means that a composite might be formed due to the mixing of BTNEOx with NC. The prepared NC‐BTNEOx has effective activation energy in the range of 172–180 kJ/mol. BTNEOx required more study to proof the possibility of replacing the nitroglycerine in a smokeless double base propellant.