Rocket propellants can be either solid or liquid. Solid propellants store fuel and oxidizer together in a solid casing, while liquid propellants store fuel and oxidizer separately in tanks. Liquid propellants provide higher efficiency but require complex pumping systems, while solid propellants are simpler but provide lower efficiency. Rocket performance is measured by specific impulse, with higher values indicating more thrust per unit of propellant. Careful fuel measurement and propellant mixing ratios are required to achieve optimal rocket performance.