The concept of a generalized guidance law is presented, and the closed-form solution for a homing missile pursuing a maneuvering target according to generalized guidance laws is given. It is shown that the guidance laws appearing in the literature are merely special cases of the one proposed by the authors. The derived generalized forms of capture area, missile acceleration, and homing time duration that are derived provide insight into the performance of the guidance laws being considered and lead to the discovery of new ones. The problem of finding a nonlinear optimal guidance law for a homing missile with controlled acceleration, applied so as to capture a maneuvering target with a predetermined trajectory while minimizing a weighted linear combination of time of capture and energy expenditures, is solved in closed form. The derived optimal control law is equal to the LOS (line of sight) rate multiplied by a trigonometric function of the aspect angle. Numerical simulation shows that the resulting guidance law appears to yield a significant advantage over true proportional navigation.