One of the important factors in real-time tracking of the moving radar targets is the speed of the algorithm. In the multi-model particle filters (MMPFs) which is frequently preferred tracking of such targets, the numbers of particles and motion models are important parameters determining the speed of the filter. Reducing the number of particles and/or the model transitions processes as much as possible will facilitate real-time tracking of moving targets by accelerating the algorithm. In this study, for reducing the time cost of the MMPF, a new approach called weighted statistical model selection (WSMS) which reduces the number of model estimation calculations is proposed. A new basic MMPF algorithm that allows the use of the WSMS approach is also constituted. In order to evaluate the success of the WSMS; the MMPFs integrated with the WSMS, are simulated for different noise variances, particle numbers, and scenarios. The simulation results are compared based on processing time and prediction error criterions. The results demonstrate that the WSMS approach increases the speed of the algorithm by reducing the processing time at high rates without any change in the prediction error and, thus it can be used in real-time tracking of the moving targets.