Due to the guidance law with terminal intercept angle and payload constraints which can cause big engorge loss, a guidance law considering maneuvering efficiency constraint was proposed. A closed-loop sub-optimum guidance law with time-varying control weight coefficient considering first-order missile dynamic characteristics was elicited according to the optimal quadratic theory; The drag coefficient was introduced into the time-varying control weight coefficient, and the constraint boundary of maneuvering efficiency through iterations was obtained; the time-varying weight coefficient was changed into function of time-to-go and delay time, and the trajectories with guidance law considering maneuvering efficiency was emulated. Results indicate that, for constant velocity and maneuvering target, the new guidance law and the guidance law with payload constraint can meet the requirement of trajectory shaping when compared with the guidance law with intercept angle, and the acceleration command of guidance law with constraint considering maneuvering is more reasonable. And the new guidance law can reduce the velocity loss and avoid the payload saturation at the same time, and enhance the guidance accuracy and damage effect. Moreover, it is not necessary to balance solutions of time-varying weight coefficient, so the iteration speed will be improved when accuracy is guaranteed.