Perforation behavior of 3 mm/3 mm double-spaced aluminum plates by PTFE/Al/W (Polytetrafluoroethylene/Aluminum/Tungsten) reactive projectiles with densities ranging from 2.27 to 7.80 g/cm³ was studied experimentally and theoretically. Ballistic experiments show that the failure mode of the front plate transforms from petalling failure to plugging failure as projectile density increases. Theoretical prediction of the critical velocities for the reactive projectiles perforating the double-spaced plates is proposed, which is consistent with the experimental results and well represents the perforation performance of the projectiles. Dimensionless formulae for estimating the perforation diameter and deflection height of the front plates are obtained through dimensional analysis, indicating material density and strength are dominant factors to determine the perforation size. High-speed video sequences of the perforation process demonstrate that high-density reactive projectiles make greater damage to the rear plates because of the generation of projectile debris streams. Specifically, the maximum spray angle of the debris streams and the crater number in the debris concentration area of the rear plate both increase with the projectile density and initial velocity.