A smart homing guidance strategy with control saturation against a target-defender team is derived. It is noteworthy that a cooperative strategy of the target-defender team is applied, which has been proved more challenging for the homing guidance. The defender missile is launched by the target and guided by a cooperative augmented proportional navigation (APN). At the same time, the target performs a one-switch maneuver to cooperate and minimize the defender's acceleration requirement. The problem is analyzed for arbitrary-order linear dynamics of the agents in the linearized form but validated by the mathematical simulations by using nonlinear kinematics. The perfect information of three agents' states is assumed. Then, a method to deal with the target-defender team is proposed. It contains a combined performance index penalizing the miss distance relative to the target and energy consumption in the whole duration. Besides, the specific miss distance related to the defender is regarded as an inequality constraint. An analytical solution for the smart guidance strategy against the APN guided defender is derived. Meanwhile, the control saturations are introduced to get more realistic and reasonable insights to this practical target-missile-defender problem. A simple but effective iterative searching technique is proposed to determine the saturation time points. The solution provides an optimal homing strategy to evade the defender with a specific miss distance and intercept the target with the minimum miss distance in the minimum energy manner. Nonlinear two-dimensional simulation results are used to validate the theoretical analysis. By comparison with the optimal differential game guidance (ODGG) and the combined minimum effort guidance (CMEG), the superiority of this smart guidance strategy is concluded.