This article details a new optimizing algorithm called Adaptive Chaotic Mutation Particle Swarm Optimization (ACM-PSO). The new algorithm is used to perform aerodynamic parameter estimation on a spinning symmetric projectile. The main creative ideas of this new algorithm are as follows. First, a self-adaptive weight function is used so that the inertial weight can be adjusted dynamically by itself. Second, the initialized particle is generated by chaos theory. Last, a method that can be used to judge whether the algorithm has fallen into a local optimum is established. The common testing function is used to test the new algorithm, and the result shows that, compared with the basic particle swarm optimization (PSO) algorithm, it is more likely to have a quick convergence and high accuracy and precision, leading to extensive application. Simulated ballistic data are used as testing data, and the data are subjected to the new algorithm to identify the aerodynamic parameters of a spinning symmetric projectile. The result shows that the algorithm proposed in this paper can effectively identify the aerodynamic parameters with high precision and a quick convergence velocity and is therefore suitable for use in actual engineering.