The paper reports the energization of Hydroxyl-Terminated Polybutadiene (HTPB) by functionalizing explosophore NO2 over the HTPB backbone, resulting in the formation of conjugated nitro-alkene derivative of HTPB. A convenient, inexpensive and efficient one pot procedure of synthesizing Nitro-Functionalized Hydroxyl-Terminated Polybutadiene (Nitro-HTPB) is reported. The reaction was carried out with sodium nitrite and iodine. To retain the unique physico-chemical properties of HTPB, functionalization by NO2 group was restricted to 10 to 15% of double bonds. The Nitro-HTPB was characterized by FTIR, H-1 NMR, VPO, DSC, TGA etc. The polymer has shown good thermal stability for practical applications. The kinetic parameters for the decomposition of Nitro-HTPB at 150-300 degrees C were obtained from non-isothermal DSC data.