An infrared/passive millimeter wave compound decoy was prepared. On the basis of MTV pyrotechnic composition, red phosphorus was used to replace part of magnesium powder, short carbon fiber was used as a functional additive, and a thin-film pyrotechnic material was prepared. The infrared radiation and millimeter wave radiation properties of this material were tested and analyzed. The research results show that the addition of a small amount of red phosphorus was beneficial to increase the radiation area; When the proportion of red phosphorus added is more than 10%, the average flame temperature, infrared radiation intensity and millimeter wave brightness temperature continue to decrease with the increase of red phosphorus content, after adding a suitable amount of carbon fiber, the burning rate, flame temperature and the infrared radiation are both enhanced; The millimeter wave brightness temperature continues to increase with the increase of carbon fiber content, when the amount of red phosphorus added is 10% and the carbon fiber content increases from 0 to 1.75%, the millimeter wave brightness temperature increased from 330 K to 458 K, brightness temperature greater than 400 K, longer duration.