Herein, we propose a normalized subband adaptive filter (NSAF) algorithm that adjusts both the step size and regularization parameter. Based on the random-walk model, the proposed algorithm is derived by minimizing the mean-square deviation of the NSAF at each iteration to calculate the optimal parameters. We also propose a method for estimating the uncertainty in an unknown system. Consequently, the proposed algorithm improves performance in terms of tracking speed and misalignment. Simulation results show that the proposed NSAF outperforms existing algorithms in system identification scenarios.