The periodate salts NaIO4 and KIO4 are critically evaluated as potential replacements for KClO4 in pyrotechnic compositions. Key differences between the physical and chemical properties of the periodate and perchlorate oxidizers are presented. The thermochemical characteristics of binary flash/incendiary compositions containing Al, MgAl, or Mg as the fuel and periodate or perchlorate salts as oxidizers were studied using the FactSage 6.4 software package. The computational results are compared to existing experimental data. The tendency of NaIO4 to form gaseous Na, an emitter of yellow light, in such reactions promotes high luminous efficiencies. Due to a lack of literature addressing the stability and aging characteristics of periodate-containing formulations, it is recommended that further research should be undertaken to evaluate potential chemical incompatibilities. Other concerns, including the availability and toxicological properties of the periodates, are also discussed.