The safe storage time for double base propellant (DBP or DB propellant) with stabilizers could usually be calculated to be greater than 40 years. However, the actual service life is far below that, which is largely caused by the decline of propellant mechanical performance. In this work polytetrafluoroethylene (PTFE) was introduced into the double base propellant formula as an additive. The tensile properties of this propellant before and after artificial aging were determined. The evaporation and diffusion characteristics of nitroglycerin (NG) in propellant were evaluated by thermogravimetry analysis (TGA). The results showed that mechanical properties of propellant were improved due to PTFE, especially for elongation at −40 °C, which was greatly increased by 115%. Moreover, the results of TGA showed that NG migration was reduced due to PTFE, which delayed the decline of propellant mechanical performance during aging. The reduction in elongation at −40 °C caused by aging was decreased by 68.5% for PTFE modified DBP. Enhanced mechanical properties and reduced NG migration could potentially prolong propellant service life.