Abstract: Aluminum and magnesium metal dusts are prone to spontaneous combustion induced by moisture and heat during manufacturing processes, which may further trigger the combustion-explosion accidents and seriously endanger industrial safety. The research progress on the moisture-heat-triggered spontaneous combustion, hydrogen generation upon moisture exposure, and micro-kinetic simulation of typical aluminum-magnesium metal dusts was reviewed in this paper. The coupled regulatory effects of temperature, humidity, particle size, impurities, and other factors on the dust spontaneous-combustion behaviors were summarized, and the multi-stage spontaneous-combustion characteristics of “oxide film rupture-hydroxide nucleation-chain-reaction heat release” were concluded. The trade-off between hydrogen-production performance and safety risk brought by alloying and surface modification methods was analyzed. The application of molecular dynamics in revealing microscopic mechanisms, such as hydrogen-bond-assisted proton transfer of nanoparticles, was reviewed. The most existing studies are carried out under the single-variable conditions, and the micro-macro cross-scale correlation, the multi-factor coupling effect, and the dust dynamic-diffusion models still need further improvement. It is proposed to integrate the multi-scale simulation with the industrial-scale experimental verification to construct the integrated research framework of “mechanism-prediction-prevention-control” in future, providing the theoretical support for the prevention and mitigation of metal-dust explosion hazards and the safe utilization of metal-water hydrogen production.