Metals are energy-dense fuels that can react exothermically with water to produce hydrogen, and this hydrogen is useful as a propellant for rockets and underwater vehicles or as a fuel for engines and fuel cells. Propulsion systems usually rely on high-temperature combustion ( T > 3000 K) of metal-water propellants, while hydrogen-production systems typically employ low reactor temperatures ( T < 100 °C). This paper reviews the current state of knowledge of both low-temperature and high-temperature metal-water reactions. Low-temperature reactions allow only the chemical energy contained in the hydrogen to be used, with the thermal energy released during the metal-water reaction being wasted. Metal-water propulsion systems typically make use of only the thermal energy of the metal-water reaction, with the hydrogen being exhausted to produce thrust. This paper proposes several novel applications of high-temperature metal-water combustion that allow the full chemical energy within the metal fuel to be harnessed, including high-speed air-breathing engines and high-power, compact, low-emissions power-generation systems. These technologies promise improved performance by maximizing the conversion of the chemical energy, stored within the metal fuel, into useful work at sufficient rates for high-power applications.