Abstract: To investigate the influences of ternary composite filter rod parameters including ventilation rate, material and structure on the physicochemical indexes including cigarette temperature distribution, outlet aerosol temperature, total particulate matter(TPM), and the release and retention of key components (such as moisture, nicotine, 1, 2-propanediol, glycerol, etc.) of puff-by-puff aerosol from two-stage slim peripherally heated tobacco products (HTPs), nine HTP stick samples with different filter rod characteristics were prepared and smoked. The temperature and aerosol components were measured and analyzed using a cigarette temperature detection device and a gas chromatograph with an ion detector(GC-TCD). The results showed that: 1)When the second section of the composite filter rod was hollow, lower outlet aerosol temperature and lower retention of key components could be achieved simultaneously, and more key substances such as TPM, moisture, nicotine, 1, 2-propanediol and glycerol could be released. However, the combination order of the filter rod materials of cellulose acetate and polylactic acid film had little effect on the outlet aerosol temperature and the release and retention of key components. 2)There was no significant difference in moisture retention between cellulose acetate and polylactic acid film. However, for 1, 2-propanediol, nicotine and glycerol, the retention rates by cellulose acetate were about 10% higher than those of polylactic acid film, while the cooling effect of polylactic acid film was slightly better than that of cellulose acetate. 3)The lower the ventilation rate of the filter rod, the higher the outlet aerosol temperature, the less moisture, nicotine, 1, 2-propanediol and glycerol were retained and the more key constituents were released. 4) An "M" shaped release pattern was shown for the puff-by-puff release of TPM, nicotine and 1, 2-propanediol in the aerosol from this two-stage slim peripherally HTP, and an"n"pattern release was found for glycerol. These results could provide technical support for the design of HTP sticks.