Deep learning (DL) based knowledge tracing (KT) models have challenges for uninterpretable prediction and parameter representation in educational applications, though they achieved remarkable outcomes in predicting the exercise performance of students. This paper proposes a novel knowledge tracing model of high precision and interpretability (namedXKT) for questions with multiple knowledge concepts based on cognitive learning theories and multidimensional item response theory (MIRT). TheXKTconsists of three differentiable network components: multi-feature embedding, cognition processing network, andMIRT-based neural predictor, which aim to provide an explainable prediction of student exercise performance. Specifically, inXKT, multi-feature embedding learns the rich semantic representation (e.g., knowledge distribution information) to enhance knowledge tracing using a cognition processing network. The cognition processing network performs selective perception, ability memory processing, and long-term knowledge memory processing to ensure the explainable factor representation for theMIRT-based neural predictor. Lastly, theMIRT-based neural predictor employs psychometric parameters to interpret student exercise predictions better. Extensive experiments on four real-world datasets show thatXKToutperforms existingKTmethods in predicting future learner responses. Moreover, ablation studies further show thatXKToffers good interpretability of student performance predictions with multiple knowledge concepts, indicating excellent potential in real-world educational applications.