A midcourse guidance law based on minimum flight time optimal control formulation is developed based on singular perturbation technique (SPT). Singular perturbation techniques are used to simplify the optimal control problem. The resulting near-optimal control problem does not require the solution of any TPBVP. The guidance law, which is obtained through application of SPT on the optimal control problem, is tested using five degree-of-freedom (5 DOF) mathematical model of an air-to-air missile. The concept of minimum flight time and conserved energy during the terminal part of flight is studied for Medium Range Air-to-Air Missile (MRAAM) through the interception problem against non-maneuvering target by controlling the thrust magnitude and the burning time for the booster and sustainer missile motors. It can be noted that the missile performance using the technique of pulse ignition control motor (PICM) through the guidance gives much improvement over the boost-sustain missile motor.