A nonsingular fast terminal sliding mode (NFTSM) controller is designed by incorporating the variable gain neural network (NN) observer, which is utilized to guarantee motor speed synchronization and load position tracking of dual-motor driving servo systems. By designing the variable gain NN observer, the states and uncertain nonlinearities of servo systems are estimated with fast convergence rate and small steady-state error, where the effects from external disturbance are suppressed as well. Based on the estimated states, the cross-coupling synchronization strategy and NFTSM tracking scheme are designed to achieve the rapid speed synchronization and precise load tracking, where the NNs are introduced to approximate and compensate friction nonlinearities. In particular, a novel nonlinear synchronization factor characterizing the degree of speed synchronization is proposed to achieve switching between synchronization control and tracking control, which is proven to deal with the coupling problem of synchronization and tracking. Finally, the comparative simulations and experiments are included to verify the reliability and effectiveness.