Abstract The simultaneous orthogonal multi-beam transmitted by a collocated multiple-input multiple-output (MIMO) radar is very effective in multi-target tracking. Since this working mode can meet the requirement of low possibility of interception; meanwhile, gain higher sensitivity and resolution. Aiming at the resource management in such a scenario, a joint beam, power and waveform selection strategy is put forward. The optimization model is established subject to a certain number of beams, power budget and waveform parameters. The criterion, which is predicted by the Kalman recursive equation, is minimizing the posterior estimate errors of multiple targets in worst cases simultaneously. Thereby, the suitable number of utilized beams, the allocated power as well as the waveform parameter in each beam for the current time epoch can be adaptively turned according to the estimate errors from the previous time epoch. We then fully demonstrate such a non-convex problem can be transformed into several convex problems. As such, the solution can be provided efficiently to meet the real-time demand. Furthermore, through obtaining the posterior estimate error by the square-root cubature Kalman filter, prediction and then adapts the three resources for next time epoch, a closed loop feedback allocation scheme is established. The simulation results show that the proposed algorithm can significantly improve the tracking performance compared with the uniform and random resource allocation strategies.