Polyethylene glycol polynitrates may be used as plasticizers in propellants. In this study, ten derivatives of ethylene glycol dinitrate were investigated using the density functional theory method. The fitted densities (ρ'exp.) were obtained and were very close to the experimental values. The detonation properties were predicted using the modified Kamlet-Jacobs equations and the specific impulse (Is) was evaluated according to the largest exothermic principle. A new indicator, K = Is • ρ'exp., is proposed to evaluate the energetic characteristics of the plasticizers. Thermal stability is discussed by calculating the bond dissociation energies or energy barriers. The O−NO2 bond is the trigger bond for all of the compounds studied. Considering the energetic properties and stability, diethylene glycol tetranitrate, triethylene glycol hexanitrate, tetraethylene glycol octanitrate, pentaethylene glycol decanitrate and hexaethylene glycol dodecanitrate are potential energetic plasticizers for solid propellants. The influences of the −O−CH2−CH2− and −O−CH(ONO2)−CH(ONO2)− groups are also discussed, which will be helpful for the design of new highly energetic plasticizers by modifying the structures as required.