To study the mechanical properties of highly filled hydroxy-terminated polybutadiene (HTPB) propellant with 90 wt% solid fillers, the stress–strain curves of the propellant under different temperatures (−50 to 70 °C) and strain rates (0.000476 to 0.119048 s⁻¹) were obtained by uniaxial tensile test. Moreover, to obtain the glass transition temperature and understand the effect of low temperatures on the mechanical properties of the propellant, DMA experiments were carried out. On this basis, the mechanical response laws of the propellant were analyzed, and the master curves of mechanical properties were established. Furthermore, the fracture features of the propellant under typical loading conditions were obtained by SEM, and the corresponding failure mechanisms were analyzed. The results show that the maximum strength decreases with increasing temperature, while the maximum elongation increases with increasing temperature at the same strain rate. The maximum tensile strength increases with increasing strain rate, while the maximum elongation decreases with increasing strain rate at the same temperature. The maximum tensile strength is lowest with a value of 0.35 MPa when the temperature is 343.15 K and the strain rate is 0.000476 s⁻¹, at which time the maximum elongation reaches the highest with a value of 44%. In terms of failure mechanisms, the propellant shows no particle fracture, and the failure modes of the propellant are mainly matrix tearing and dewetting.