In this article, we present a fast real-time tangled memory network that segments the objects effectively and efficiently for semi-supervised video object segmentation (VOS). We propose a tangled reference encoder and a memory bank organization mechanism based on a state estimator to fully utilize the mask features and alleviate memory overhead and computational burden brought by the unlimited memory bank used in many memory-based methods. First, the tangled memory network exploits the mask features that uncover abundant object information like edges and contours but are not fully explored in existing methods. Specifically, a tangled two-stream reference encoder is designed to extract and fuse the features from both RGB frames and the predicted masks. Second, to indicate the quality of the predicted mask and feedback the online prediction state for organizing the memory bank, we devise a target state estimator to learn the IoU score between the predicted mask and ground truth. Moreover, to accelerate the forward process and avoid memory overflow, we use a memory bank of fixed size to store historical features by designing a new efficient memory bank organization mechanism based on the mask state score provided by the state estimator. We conduct comprehensive experiments on the public benchmarks DAVIS and YouTube-VOS, demonstrating that our method obtains competitive results while running at high speed (66 FPS on the DAVIS16-val set).