With the evolution of Global Navigation Satellite System (GNSS), new generation GNSS signals have adopted the dual-frequency multiplexing modulation techniques, which jointly modulate multiple signals located on multiple sub-frequencies into a Wideband Multiplexed Signal (WMS). Although WMSs were proposed initially to reduce the complexity of satellite transmitters and improve the transmission efficiency of signals, their multi-component structures and wide root mean square bandwidths introduced by high-frequency subcarriers also provide the possibility to improve the GNSS ranging precision. Therefore, this paper proposes a Dual-assisted Multi-component Tracking (DMT) technique, which can not only fully use high-frequency subcarriers in WMSs, but also effectively track carrier, subcarrier, and code by jointly utilizing all components in WMS. In this paper, the tracking and ranging performances of DMT are comprehensively analyzed theoretically and by simulation and real experiments. The results show that compared with existing WMS tracking methods, DMT can achieve tracking results with lower tracking jitters and ranging results with higher precision, providing a highly advantageous solution for new generation GNSS signal processing.