This paper presents a novel method for detecting multiple moving targets in real-time from infrared (IR) image sequences collected by an airborne IR camera. This novel method is based on dynamic Gabor filter and dynamic Gaussian detector. First, the ego-motion induced by the airborne platform is modeled by parametric affine transformation based on feature point matching, and the IR video is stabilized by eliminating the background motion. Then, a dynamic Gabor filter is employed to enhance the image changes for accurate detection and localization of moving targets. The orientation of Gabor filter is dynamically changed according to the orientation of optical flows. Next, the specular highlights generated by the dynamic Gabor filter are detected. The outliers and specular highlights are fused to indentify the moving targets. The experimental results show that the proposed detection algorithm is effective and efficient. And the detection speed is approximate 2 frames per second.