The current domestic and foreign research on azide polymers such as glycidyl azide polymers (GAP) mainly focuses on the design, synthesis, modification, and performance of elastomers; it is difficult to prepare the GAP/NC (nitrocellulose) blends, and they have poor mechanical properties. Here, we developed a green and safe strategy for the blending and compounding of azide binder and NC by blending the emulsion with NC in water and demulsifying. Considering the structural characteristics of GAP, a novel energetic aqueous GAP-E (energetic elastomer) emulsion was prepared by anionic self-emulsion polymerization using 2,2-dimethylol propionic acid as the hydrophilic chain extender, 1,4-butanediol as the chain extender, and triethylamine as a neutralizer. Furthermore, the GAP-E emulsion/triethylene glycol dinitrate/nitrocellulose blends (GAP-E/TEGN/NC) with different proportions were prepared in aqueous phase by the precipitation method. The related properties of the emulsion were studied by gel permeation chromatography, Fourier transform infrared, universal material testing machine, dynamic mechanical analyzer, thermogravimetric analysis, and scanning electron microscopy (SEM). Our results indicated the emulsion exhibited good stability with the number average molecular weight of 76,600. The GAP-E film showed a tensile strength of 17.8 MPa, elongation at break of 415%, glass transition temperature of −28.5 °C, and initial degradation temperature of 242 °C. The GAP-E emulsion and TEGN/NC can be blended in the aqueous phase by the demulsification method to prepare a homogeneous GAP-E/TEGN/NC blend. Fourier transform infrared spectroscopy (FTIR) showed that there was a certain hydrogen bond interaction between GAP-E and TEGN/NC molecules, which was conducive to the improvement of the mechanical properties. The results of SEM indicated that GAP-E could obviously soften the rigid fiber structure of TEGN/GN, and the blends were well mixed with good interfacial compatibility between the GAP-E (5%) and TEGN/NC. When the mass fraction of GAP-E was 5%, the tensile strength and the elongation at break of the blend reached up to 32.1 MPa and 54.4%, which were improved by 33 and 46% compared to those of the TEGN/NC blend system, respectively. The transition temperature remained at −21.6 °C with obvious enhancement on the mechanical properties.