Since traditional tracking algorithms can hardly meet the requirements of both precision and low computational complexity simultaneously. It is hard to track targets with high speed and high maneuvering both in theory and practice. The Interactive Multi-model (IMM) algorithm with mixed filter between pattern space and measurement space was achieved according to the multi-rate tracking method, and the uniform representations of multi-rate Constant High-pass (CH) model and Constant High-High-pass (CH2) model were given. Meanwhile, according to the maneuver degree of the targets, adaptive "current" statistical model was introduced to describe the high maneuvering target, each model marched Kalman filter and particle filter respectively. And then, the tracking algorithm for high speed and high maneuvering targets based on multi-rate interactive multi-model algorithm was established. Experiment results show that, compared with traditional tracking algorithm, the method can efficiently improve the tracking precision with low computational complexity. It is expected to have great potential for engineering application.