The synthesis and characterization of a series of 3,5‐di‐aryl‐1,2,4‐oxadiazoles are reported and the effects of nitro groups in the aromatic rings on the experimental heats of decomposition (ΔHd) and heats of combustion (ΔHc) are evaluated. Heats of formation (ΔHf) and densities (ρ) were calculated and correlations between ΔHd and ΔHf were assessed for these compounds. Experimental determination of ρ (by gas pycnometry) on a selection of the compounds led to the calculation of detonation velocity (VD), detonation pressure (PD) and specific impulse (ISP) parameters by the Explo 5 program. An X‐ray analysis of compound (4i) confirmed the structure and showed a crystal density (at 120 K) close to that determined by gas pycnometry.