The slide mode tracking guidance strategy for hypersonic vehicle that can realize both precise guidance and maneuver flight was investigated. First, the diving trajectory which can satisfy terminal constraints in longitudinal direction and the maneuvering trajectory were designed. Second, with the aid of feedback linearization, the nonlinear motion equations were converted into the linear ones, which can be used to track the designed trajectories. Besides, in order to improve the guidance performance, slide mode tracking guidance law was proposed and the law was converted into nonlinear system to get nonlinear slide mode tracking guidance law. The guidance law is formed from the current motion states completely, therefore, the relative motion information can be decreased enormously. Finally, the results of a CAV-H vehicle guidance test show that the algorithm can realize maneuver flight and high precision guidance under the path constraints even if the outside disturbances exist. Therefore, it can offer references for precision guidance and maneuver penetration for hypersonic vehicle in dive phase.