The granules containing nitrogen of various content (12.2–13.3%) and stabilizers (centralite I, centralite II, akardite II, triphenylamine) were obtained in laboratory scale, and the study of their physicochemical and thermal properties was conducted. It has been observed that the helium density of granules depends on the degree of gelling of nitrocellulose by the stabilizer as well as the lack of effect of the stabilizer type on the heat of combustion value. In turn, the heat of combustion depends on the content of nitrogen in nitrocellulose. Granules of 13.3% N nitrocellulose were characterized by a more rapidly developing thermal decomposition than the granules containing 12.2 and 12.9% N nitrocellulose. The maximum temperature of decomposition shifts toward higher temperatures (from 207.6 to 209.8 °C) with decreasing nitrogen content in nitrocellulose for granules containing triphenylamine as a stabilizer. All values of heat generation rate obtained for granules with triphenylamine were lower than the respective rates for granules with centralite I. Thermal properties and chemical stability of granules containing triphenylamine have better properties, when compared to other examined stabilizers. On the basis of differential scanning calorimetry and thermogravimetry, kinetic parameters were calculated by means of Ozawa–Flynn–Wall analysis. The effect of stabilizers and nitrogen content on kinetic parameters was determined. The kinetic model of thermal decomposition of granules was adjusted—the best fit was nth-order reaction with autocatalysis. The activation energy of thermal decomposition process according to the adopted chemical reaction model increases from 190 to 239 kJ mol⁻¹ with increasing nitrogen content in the granulate.