With the increasing demand for enhanced mechanical properties and energy release capabilities in energetic structural materials, traditional materials struggle to concurrently achieve both high mechanical properties and energy release properties. In this study, a novel Ti_1.5ZrNbMo_0.5W_0.5 high-entropy alloy was developed by powder metallurgy process, and its microstructure, mechanical properties, damage effectiveness and energy release mechanisms were comprehensively investigated. The results indicate that the sintered Ti_1.5ZrNbMo_0.5W_0.5 alloy, characterized by high density and fine grain size, demonstrates superior quasi-static and dynamic compression properties. During the ballistic gun experiments, the Ti_1.5ZrNbMo_0.5W_0.5 alloy fragment can penetrate the Q235 steel plate with thickness of 6, 8, and 10 mm at speeds of 637, 861, and 1126 m/s, respectively. Meanwhile, after penetrating through the target, the fragment was broken into small-sized fragments and caused the severe energy release reaction. This energy release reaction is primarily driven by the substantial oxidation of Zr-rich regions, releasing significant thermal energy and successfully igniting the cotton and gasoline placed behind the steel target. This research provides a thorough characterization of the microstructure and mechanical properties of Ti_1.5ZrNbMo_0.5W_0.5 alloy. Furthermore, it evaluates its overall performance in practical armor-piercing application and reveals its energy release mechanisms. The research results provide a theoretical foundation and experimental data for the further study and application of TiZrNbMoW system high-entropy alloy.