There is a certain conflict between vehicle stability and the performance of path-tracking under emergency conditions. In this paper, to make full use of the lateral capacity of vehicles, a path tracking method with switchable stability constraints is proposed. First, using the Lyapunov energy equation and Hurwitz’s theorem, the lateral stability region (SR) and the critical steering angle of steady steering at different longitudinal speeds are calculated. Based on this, the extended stability region (ESR) and the extended critical steering angle of the vehicle under the control of an additional yaw moment are obtained. Furthermore, the driving area during collision avoidance is divided into unsafe and safe areas, and based on the model predictive control strategy, a path-tracking controller with switchable stability constraints is established. In the unsafe area, the vehicle states are allowed to break through the SR temporarily, and to ensure path-tracking accuracy, the ESR is taken as the stability constraint. In the safe area, the stability constraint is switched to the SR, and to make the vehicle states quickly return to SR, a regain stability controller is established. Finally, a Simulink-CarSim simulation and a hardware-in-the-loop (HIL) experiment are conducted. The simulation results show that a balance between tracking effect and vehicle stability can be effectively achieved through the proposed path-tracking system under the investigated emergency conditions. The real-time performance of the proposed control strategy is validated through the HIL experiment.