This paper investigates a fully distributed time-varying formation tracking problem for a group of fixed-wing aircraft. The fixed-wing aircraft formation control system consists of an outer-loop trajectory control subsystem and an inner-loop attitude control subsystem. For fixed-wing aircraft, it is crucial to consider the time delay of the engine response, the model uncertainties, the tracking capability of the attitude commands in the inner loop, and other agility performances of the aircraft. To address the problems related to the input time delay and model uncertainties, a predictive extended state observer-based fully distributed time-varying formation tracking control (PESO-TVFTC) protocol is proposed. To satisfy the constraints set by the attitude tracking quickness and the trajectory tracking smoothness, the low gain feedback technique is introduced in the protocol to keep the control inputs for the outer loop within the desired saturation constraints. Through theoretical analysis, it is proved that the multiple aircraft systems can achieve time-varying formation tracking consensus under specific initial conditions and feasibility conditions, and it is shown that the upper bounds of the PESO gains are restricted by the time delay. Numerical simulations are used to demonstrate the effectiveness of and the improvements in the proposed method.