Aiming at the modeling problem of hypersonic gliding missile tracking, a method of aerodynamic parameter model based on the law of guidance variables was studied. The aerodynamic parameters were analyzed and the shortcomings of the traditional modeling method were pointed out. With the assumption that the guidance variables obey the first-order delay process, the aerodynamic parameter model was derived by using the linearized aerodynamic coefficients. By analyzing the variants of model under different flight conditions, the model adaptability for target′s maneuver was proved. The values of unknown parameters were discussed, so as to realize the adaptive matching of model with flight state. Simulation results show that the performance of the proposed model is obviously better than the traditional model when the target is maneuvering. Simultaneously, the simulation under different filter parameters confirms the model′s validity.