In order to solve the problem of refined tracking for formation targets, a gray refined tracking algorithm based on distance vector is proposed.Firstly, the distance between the points and the tracks of the individuals in the formation is extracted to build the distance vector.Secondly, multiple combinations of point/track mapping are established based on the distance vector.Finally, the optimal combination among these mapping combinations is chosen as the refined correlation result by utilizing the gray theory, and then the state update of the tracks of each target inside the formation is completed by using the Kalman filter.The simulation results show that, compared with the Structure Branch Multiple Hypothesis Tracking (SB-MHT) algorithm which has superior performance in the traditional muti-target tracking field, this algorithm has better performance in tracking accuracy, real-time performance and the effective tracking rate. Moreover, this algorithm has excellent engineering applicability.