High frame rate and ultra-low delay matching system plays an important role in various human-machine interactive applications, which demands better performance in matching deformable and out-of-plane rotating objects. Although many algorithms have been proposed for deformation tracking and matching, few of them are suitable for hardware implementation due to complicated operations and large time consumption. This paper proposes a hardware-oriented template update and recovery method for high frame rate and ultra-low delay deformation matching system. In the proposed method, the new template is generated in real time by partially updating the template descriptor and adding new keypoints simultaneously with the matching process in pixels (proposal #1), which avoids the large inter-frame delay. The size and shape of region of interest (ROI) are made flexible and the Hamming threshold used for brute-force matching is adjusted according to pixel position and the flexible ROI (proposal #2), which solves the problem of template drift. The template is recovered by the previous one with a relative center-shifting vector when it is judged as lost via region-wise difference check (proposal #3). Evaluation results indicate that the proposed method successfully achieves the real-time processing of 784fps at the resolution of 640×480 on field-programmable gate array (FPGA), with a delay of 0.808ms/frame, as well as achieves satisfactory deformation matching results in comparison with other general methods.