This article presents an adaptive hybrid-tracking (AHT) algorithm designed to process GNSS-R signals with a sufficient coherent component. Coherent GNSS-R signals have the potential to enable high-precision and high-resolution carrier-phase measurements for altimetry, sea-level monitoring, soil-moisture monitoring, flood mapping, snow-water equivalent measurements, and so on. The AHT algorithm incorporates the model inputs typically used in the master-slave open-loop (MS-OL) architecture into a closed-phase lock loop. Raw IF data recorded by the CYGNSS satellites over in-land water, land, and open-ocean surface are used to demonstrate the performance of the AHT. The results show that the AHT algorithm achieves comparable robustness with the MS-OL implementation while maintaining centimeter-level accuracy and excellent carrier-phase continuity that can be achieved with a fine-tuned Kalman filter (KF)-based adaptive closed-loop (ACL) system. Moreover, the AHT is suitable for real-time implementation and is applicable to other radio signals-of-opportunity.