A supercritical antisolvent process has been applied to obtain the nitrocellulose nanoparticles with an average size of 190 nm from the nitrocellulose fibers of 20 μm in diameter. Compared to the micron-sized powder, nano-nitrocellulose is characterized with a slightly lower decomposition onset, however, the friction sensitivity has been improved substantially along with the burning rate increasing from 3.8 to 4.7 mm·s−1 at 2 MPa. Also, the proposed approach allows the production of stable nitrocellulose composites. Thus, the addition of 1 wt.% carbon nanotubes further improves the sensitivity of the nano-nitrocellulose up to the friction-insensitive level. Moreover, the simultaneous introduction of carbon nanotubes and nanosized iron oxide catalyzes the combustion process evidenced by a high-speed filming and resulting in the 20% burning rate increasing at 12 MPa. The presented approach to the processing of energetic nanomaterials based on the supercritical fluid technology opens the way to the production of nitrocellulose-based nanopowders with improved performance.