Hybrid wheel–track systems have found extensive applications due to the advantages a combination of wheels and tracks. However, the coupling influence between the wheeled and tracked mechanisms poses a challenge to stable and efficient controller design and implementation. This paper focuses on the lateral dynamic control of a vehicle in scenarios where both tracks and wheels are in contact with the ground. A dynamic model of a vehicle is first established based on the tire brush model and linearized general track model. Based on the dynamic model, a novel adaptive model predictive control (AMPC) method is designed considering the coupling and nonlinearity of the wheels and tracks to simultaneously regulate both mechanisms. Compared with traditional model predictive control approaches, the AMPC controller takes the side-slip angle and slip ratio as constraints to prevent the vehicle from reaching unstable states. Simulations are conducted to validate the effectiveness of the controller, and the results indicate that the controller has the capacity to optimize the objective’s yaw-rate response while maintaining lateral vehicle stability and preventing slip by imposing constraints.