Theoretical analysis and experimental results on the combustion in the Ni-Al layered system are presented. Combustion wave temperature and velocity were measured and microstructural and compositional determinations were made. The latter were made on products of complete combustion and on quenched samples using metallographic and electron microprobe analyses. The dependence of temperature in the reaction zone on the degree of conversion was calculated from equations of chemical kinetics and heat balance. The reaction was found to involve two stages: one proceeding in the liquid phase and the other in the solid phase. The former determines the combustion velocity, while the latter determines the adiabatic combustion temperature. The rate of heat release in the bulk and the combustion velocity were calculated with the assumption that the reaction is controlled by the dissolution of solid Ni in liquid At. The experimental results are in good agreement with theoretical predictions.