This paper proposes a dynamic encircling cooperative guidance (DECG) law to enable multiple interceptors to cooperatively intercept a superior target, considering low velocity, limited overload, impact angle and simultaneous arrival constraints. First, the feasible escaping area of the target is analyzed and a dynamic encircling strategy for the target is established. This strategy efficiently provides virtual escaping points, allowing interceptors to dynamically encircle the target without excessive energy consumption, ultimately leading to a successful interception. Second, to enhance the physical feasibility of the kinematic equations governing the interaction between interceptors and target at the virtual escaping points, the independent variable is substituted and the kinematic equations are remodeled. Convex optimization is employed to address the multi-constraint optimal guidance problem for each interceptor, thereby facilitating simultaneous interception. Compared with the existing guidance laws, DECG has a more practical and feasible cooperative strategy, is able to handle more constraints including the interceptor’s own constraints and cooperative constraints, and does not rely on the precise calculation of explicit remaining flight time in the guidance law implementation. Lastly, the effectiveness, superiority and robustness of the DECG law are evaluated through a series of numerical simulations, and its performance is compared with that of the cooperative proportional navigation guidance law (CPNG).