A parachute recovery system which provides for the recovery of a payload such as a target drone without damage by allowing for a safe, non-destructive landing of the payload at a desired landing location. The parachute recovery system comprises a payload, a parachute or parasail and a guidance control electronics and servo system. The parachute, which is rectangular in shape, is connected by a plurality of control lines to the guidance control electronics and servo system, which is attached to the payload. The payload may be an air launch component such as a spacecraft, a target drone, unmanned air vehicle, camera film, or similar apparatus. The guidance control electronics and servo system is used to control glide path trajectory and provide for a safe non-destructive landing of the payload. Servo system adjust the length of each of the plurality of control lines attached to the parachute to provide a means for controlling the parachute so as to control the speed, direction and lift of the parachute recovery system.