To address the contradiction between the convergence error and convergence rate in the LMS algorithm, this study proposes a variable-step-size adaptive filter algorithm with a momentum term based on the logistic function. First, the normalization LMS algorithm is obtained by seeking the extremum under the Lagrange function constraint. Second, to reduce the convergence error of the algorithm, the logistic model is used as a function model of step size variation with error, resulting in a variable-step normalization LMS algorithm. Our experimental results demonstrate that this algorithm achieves smaller convergence errors compared to those of the traditional LMS algorithm. Finally, to further improve the convergence rate of the algorithm, a momentum term is introduced into the weight coefficient update process of the LMS algorithm. This leads to the development of a variable-step adaptive filter algorithm with a momentum term based on the logistic function. The impact of different parameters on the algorithm performance is also investigated. In order to verify the rationality of the proposed algorithm, a dynamic system mathematical model was identified using the proposed algorithm. The results showed that the proposed algorithm had an identification accuracy of over 97% for the mathematical model parameters and a suppression of over 99% for noise. In order to verify the engineering application value of the proposed algorithm, real-time vibration data fitting experiments were conducted in the Aeroelasticity Laboratory of the China Aerodynamics Research and Development Center, and their results were compared with three algorithms: ARMAX, N4SID, and LMS. The results showed that the proposed algorithm had a higher fitting accuracy than the three others. Through simulations and experiments, it is demonstrated that this study has value both theoretically and in engineering applications, promoting engineering applications of adaptive filtering algorithms and providing strong support for the research of adaptive control.