Abstract: To investigate the feasibility of partially substituting dry ice for emulsion explosive in mine rock fragmentation, composite charges with dry ice mass fractions ranging from 0% to 50% were prepared. Air blast tests and underwater explosion energy tests were conducted to systematically examine the effects of dry ice content on the energy output characteristics of the composite charges. The air blast results indicate that the peak overpressure, positive pressure duration, and impulse all decrease monotonically with increasing dry ice content. At 50% dry ice content, the reductions are 63.5%, 13.7%, and 73.9%, respectively. The underwater explosion results show that the specific shock wave energy, specific bubble energy, and total specific energy decrease with increasing dry ice content, with reductions of 59.2%, 39.2%, and 48.2% at 50% content. The energy distribution shifts toward bubble energy, with the bubble energy ratio increasing from 55.1% to 64.7%. The reduction in underwater shock wave energy is significantly greater than that in air overpressure, which is attributed to the additional acoustic impedance mismatch dissipation caused by the CO₂ gas layer formed by dry ice sublimation in the water medium. The relatively smaller reduction in bubble energy is mainly due to the compensation effect of CO₂ gas on bubble pulsation, which favors the gas expansion work required for rock fragmentation.With comprehensive consideration of energy retention efficiency and economic cost, the recommended dry ice substitution ratio is 20%-30%, corresponding to a total energy retention of about 70%-80%. Under these conditions, material costs can be reduced while still satisfying the demands of conventional rock fragmentation in mining operations, leading to substantial economic benefits.