This paper proposes a novel homing guidance law tailored for guided drone-dropped ammunition, considering their unique flight characteristics. Both drag and gravity influence the dynamics of the guided drone-dropped ammunition during their flight and the maximum permitted acceleration increases as the weapon approaches its target. The proposed method establishes the ballistic trajectory that forms the collision course, using an iterative Chudinov equation to predict instantaneous impact points. Subsequently, an accurate heading error is calculated using the collision-ballistic trajectory. The heading error is reduced by decreasing a pattern that considers the maximum allowable acceleration. The final guiding command is then executed to achieve the desired decreasing pattern of the heading error. The proposed method is significant for its ability to account for gravity and drag’s effects while avoiding command saturation caused by the limited maneuverability of guided drone-dropped ammunition. The study includes numerical simulations to investigate the proposed method characteristics, showing that it outperforms previous methods.