By combining the interacting multiple model with the particle filter, a new interacting multiple model particle filter (multi-rate interacting multiple model particle filter, i.e. MRIMMPF) algorithm is proposed, in which a multi-rate technique is adopted. In the algorithm the multiple models are used for tracking arbitrary maneuvering target. To deal with the nonlinear and non-Gaussian problems, a particle filter is adopted in each model. But when the particle filter is applied in the IMM algorithm, an expensive computation appears in the whole process. In order to solve this kind of disadvantage, the multi-rate technique is adopted, by doing so, the computation is obviously reduced. The simulation results show that the MRIMMPF algorithm works as well as the IMMPF algorithm in performance.