To elucidate the dispersion and explosion characteristics of multi-metal powder and liquid composite fuel formulations, high-energy metal powders (aluminum (Al), boron (B), and magnesium hydride (MgH₂)) are incorporated into a liquid fuel primarily composed of diethyl ether (DEE) and isopropyl nitrate (IPN). The explosion characteristics of different solid-liquid fuel-air-explosive (FAE) under unconfined conditions are investigated using a high-speed camera, infrared thermal imaging, and a pressure measurement system. Results demonstrate that high-energy metal powders significantly enhance detonation energy dissipation, with aluminum exhibiting the most pronounced effect. Fuel 5# (45.4 wt% DEE, 9.2 wt% IPN, 29.5 wt% Al, 9.1 wt% B, 6.8 wt% MgH₂) exhibits superior explosion performance, achieving higher values of overpressure, impulse, and thermal radiation damage during the detonation stage compared to other fuels. However, Fuel 5# also displays faster decay rates, attributed to accelerated heat release rates induced by B and MgH₂ powders. This study reveals that different metal powders in solid-liquid FAE exhibit distinct enhancements in explosion performance, providing critical insights for optimizing composite fuel design.