The reaction between aluminum metal and water holds promise for producing hydrogen; however, solid aluminum metal is difficult to manage and use, and the reactivity between aluminum and water is often difficult to control. Certain embodiments of the disclosure are related to a water-stable aluminum slurry comprising a plurality of activated aluminum particles dispersed in a fluid carrier. In some embodiments, the reactivity of the aluminum slurry in the presence of water may be easily controlled with the addition of various additives (e.g., surfactants). Additionally, methods of making and using the water-stable aluminum slurry to controllable manage the reactivity between aluminum and water are presented herein.