Developing fast, robust, and accurate methods for optimal control of quantum systems comprising interacting particles is one of the most active areas of current science. Although a valuable repository of algorithms is available for numerical applications in quantum control, the high computational cost is somewhat overlooked. Here, we present a fast and accurate optimal control algorithm for systems of interacting qubits, QOALA (quantum optimal control by adaptive low-cost algorithm), which is predicted to offer [Formula: see text](M2) speedup for an M-qubit system, compared to the state-of-the-art exact methods, without compromising overall accuracy of the optimal solution. The method is general and compatible with diverse Hamiltonian structures. The proposed approach uses inexpensive low-accuracy approximations of propagators far from the optimum, adaptively switching to higher accuracy, higher-cost propagators when approaching the optimum. In addition, the utilization of analytical Lie algebraic derivatives that do not require computationally expensive matrix exponential brings even better performance.