Aiming at the high-precision guidance requirement for the seeker and autopilot intercepting maneuvering target with the dynamic delay, a guidance law with active disturbance rejection control is designed. The state equation of guidance model based on the dynamic characteristics of seeker and autopilot is established. The target acceleration is regarded as external interference. And the guidance law with the active disturbance rejection control can estimate the interference and then compensate it. Thus, the guidance system has a good ability to adapt the dynamic delay of seeker and autopilot and the target maneuver. Finally, aiming at four kinds of intercept, the active disturbance rejection control guidance law and the proportional navigation guidance law are applied in simulation. The simulation results show that the active disturbance rejection control guidance law is of an advantage over the proportional navigation guidance law on guidance performance.