This study investigates the bipartite fixed-time time-varying output formation-containment tracking issue for heterogeneous linear multiagent systems with multiple leaders. Both cooperative communication and antagonistic communication between neighbor agents are taken into account. First, the bipartite fixed-time compensator is put forward to estimate the convex hull of leaders’ states. Different from the existing techniques, the proposed compensator has the following three highlights: 1) it is continuous without involving the sign function, and thus, the chattering phenomenon can be avoided; 2) its estimation can be achieved within a fixed time; and 3) the communication between neighbors can not only be cooperative but also be antagonistic. Note that the proposed compensator is dependent on the global information of network topology. To deal with this issue, the fully distributed adaptive bipartite fixed-time compensator is further proposed. It can estimate not only the convex hull of leaders’ states but also the leaders’ system matrices. Based on the proposed compensators, the distributed controllers are then developed such that the bipartite time-varying output formation-containment tracking can be achieved within a fixed time. Finally, two examples are given to illustrate the feasibility of the main theoretical findings.