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This letter proposes a new multipath mitigation technique based on the concept of S-curve shaping for the new cosine phased binary offset carrier (cosine-BOC) modulated signals, which will most likely be used in both European Galileo system and Chinese Compass system. The definition of an optimum S-curve is employed to reduce the false lock points and to improve the multipath mitigation capability via determining the weights of the local linear combined code. The structure of the code tracking loop for cosine-BOC signals is quite simple and only requires one correlator. Results demonstrate that the proposed technique provides superior multipath mitigation performance and removes the ambiguity completely.