Based on the kinematics and dynamics of missile-to-target relative motion and the method of time-to-go estimation, a biased proportional guidance (BPG) law that can reduce the impact time variance is designed and proved. Then a time cooperative guidance law with impact angle constraint for two missile formations is designed, based on the guidance law with terminal angle constraint. The impact angle is controlled by the hand-over area position, and flight path angle in the hand-over area is constrained considering the overload limitation. The missile is guided to the designed hand-over area with a certain path angle and arrival time cooperative control. In the terminal guidance, the missile is guided by the time cooperative guidance law and the two formations are planned with converging at the mutually perpendicular direction, to reduce the influence of the target maneuver and jamming. Finally, the convergence of time-to-go variance under the influence of communication update rate is presented, and six degrees of freedom (6-DOF) simulation results are given. Simulations demonstrate that the proposed designs can satisfy the requirements of impact time deviation and angle as well as the guidance precision.