Similarity matching is a core operation in Siamese trackers. Most Siamese trackers carry out similarity learning via cross correlation that originates from the image matching field. However, unlike 2-D image matching, the matching network in object tracking requires 4-D information (height, width, channel and time). Cross correlation neglects the information from channel and time dimensions, and thus produces ambiguous matching. This paper proposes a spatio-temporal matching process to thoroughly explore the capability of 4-D matching in space (height, width and channel) and time. In spatial matching, we introduce a space-variant channel-guided correlation (SVC-Corr) to recalibrate channel-wise feature responses for each spatial location, which can guide the generation of the target-aware matching features. In temporal matching, we investigate the time-domain context relations of the target and the background and develop an aberrance repressed module (ARM). By restricting the abrupt alteration in the interframe response maps, our ARM can clearly suppress aberrances and thus enables more robust and accurate object tracking. Furthermore, a novel anchor-free tracking framework is presented to accommodate these innovations. Experiments on challenging benchmarks including OTB100, VOT2018, VOT2020, GOT-10k, and LaSOT demonstrate the state-of-the-art performance of the proposed method.