In order to meet the needs of high-precision guidance for intercepting hypersonic targets, a novel head-pursuit guidance law considering the dynamic characteristics of a missile control system and the target mobility is presented via combining a fast power reaching law with backstepping sliding mode control in this paper. Initially, a three-dimensional head-pursuit system model of the missile and target is established. Subsequently, the system model is decomposed into a pitch plane system and lateral plane system, the control system dynamics are equivalent to second-order systems, and finite-time disturbance observers are introduced to estimate the target accelerations. On the basis of the previous work, the head-pursuit guidance laws of the vertical system and the lateral system which can stabilize the closed-loop system are designed separately and strict proofs of the methods are given. Finally, simulations are carried out to verify the effectiveness of this head-pursuit guidance law.