We propose a new model for fast and accurate video object segmentation. It consists of two convolutional neural networks, a Dynamic Targeting Network (DTN) and a Mask Refinement Network (MRN). DTN locates the object by dynamically focusing on regions of interest surrounding the target object. The target region is predicted by DTN via two sub-streams, Box Propagation (BP) and Box Re-identification (BR). The BP stream is faster but less effective at objects with large deformation or occlusion. The BR stream performs better in difficult scenarios at a higher computation cost. We propose a Decision Module (DM) to adaptively determine which sub-stream to use for each frame. Finally, MRN is exploited to predict segmentation within the target region. Experimental results on two public datasets demonstrate that the proposed model significantly outperforms existing methods without online training in both accuracy and efficiency, and is comparable to online training-based methods in accuracy with an order of magnitude faster speed.