In the present work, a folding wing system (FWS) was developed for guided ammunitions, so that the swept-back angle could be adjusted during both gliding and diving phases. Unlike previous designs, the FWS does not have any fixing mechanisms or brake elements, and it provides folding functionality to reduce the drag force during the terminal phase. We conducted mechanism design, manufactured the FWS, performed system identification and designed various controllers including linear quadratic regulator (LQR), linear quadratic integrator (LQI), sliding mode control (SMC) and second-order sliding mode control (SOSMC) to adjust and hold the desired swept-back angles. Then, the performance of the FWS was tested experimentally under two different flight scenarios, with and without aerodynamic loads. While all controllers operated with almost zero steady-state error (SSE) in the absence of aerodynamic loads, the SOSMC was the most effective controller under aerodynamic loads, considering SSE, delay, chattering, and energy consumption.