Energetic thermoplastic elastomers (ETPE) are futuristic binders for propellant/explosive formulations. Various aspects of ETPEs are addressed in this review. Synthesis modes of different copolymers for ETPEs are discussed. Attention is also given to formulations and thermal studies of ETPE-based propellants and explosives. Processing methods and parameters of composition are included. As the cost and environmental concerns are prime factors of future generation propellants/explosives, the recovery and reprocessing methods are also briefly discussed.