In recent years, Siamese network based trackers have significantly advanced the state-of-the-art in real-time tracking. Despite their success, Siamese trackers tend to suffer from high memory costs, which restrict their applicability to mobile devices with tight memory budgets. To address this issue, we propose a distilled Siamese tracking framework to learn small, fast and accurate trackers (students), which capture critical knowledge from large Siamese trackers (teachers) by a teacher-students knowledge distillation model. This model is intuitively inspired by the one teacher versus multiple students learning method typically employed in schools. In particular, our model contains a single teacher-student distillation module and a student-student knowledge sharing mechanism. The former is designed using a tracking-specific distillation strategy to transfer knowledge from a teacher to students. The latter is utilized for mutual learning between students to enable in-depth knowledge understanding. Extensive empirical evaluations on several popular Siamese trackers demonstrate the generality and effectiveness of our framework. Moreover, the results on five tracking benchmarks show that the proposed distilled trackers achieve compression rates of up to 18× and frame-rates of 265 FPS, while obtaining comparable tracking accuracy compared to base models.