N, N-Dinitroso pentamethylene tetramine, also known as H foaming agent, is a self-reactive chemical substance commonly used in the rubber industry. Decomposition, explosion and combustion may be caused by the presence of fire or high temperature. As a high-risk chemical that is strictly regulated in China, H foaming agent has ever triggered multiple accidents. During the study of the decomposition thermal process of H foaming agent, it was found that the presence of moisture content at different levels had a significant effect on its thermal stability. The thermal characteristics of H foaming agent under different moisture contents was studied through the test means such as adiabatic calorimetry and high-pressure differential scanning calorimetry. Through isothermal calorimetry experiment, it was found that the decomposition of H foaming agent had obvious auto-catalytic characteristics. In the moisture content within the range of 0–40%, with the increase of moisture content, the initial exothermic temperature T_onset of the mixture system of H foaming agent and water decreased, while the time from initial heat release to rapid temperature rise of the reaction system (induction period) was gradually prolonged, and the temperature increment of the reaction system was increased gradually. As the proportion of moisture content in the system increased, the adiabatic temperature rise ΔT_ad of the mixture system of H foaming agent and water gradually decreased, meanwhile the time to maximum rate under adiabatic condition (TMR_ad) gradually decreased. The research results have guiding significance for finding the reasonable moisture content of H foaming agent in the drying process and determining the upper temperature limit during storage and transportation.