This paper develops a multiple fixed model blending based adaptive parameter identification scheme for multi-input multi-output (MIMO) systems with polytopic parameter uncertainty. The developed identification scheme is proven to be asymptotically stable for uncertain linear time-invariant MIMO systems, and is shown to provide fast adaptation for even uncertain linear time-varying (LTV) systems. Furthermore, utilizing the proposed parameter identification scheme, a linear-quadratic (LQ) optimal multiple model adaptive control (MMAC) scheme is developed for linear MIMO systems with polytopic uncertainties. The proposed MMAC scheme is applied to tracking control of uncertain lateral vehicle dynamics. A set of simulation test results are presented to verify the stability and effectiveness of the proposed MMAC scheme.