Photoplethysmographic (PPG) signal is getting popularity for monitoring heart rate in wearable devices because of simplicity of construction and low cost of the sensor. The task becomes very difficult due to the presence of various motion artifacts. In this paper, an algorithm based on cascade and parallel combination (CPC) of adaptive filters is proposed in order to reduce the effect of motion artifacts. First, preliminary noise reduction is performed by averaging two channel PPG signals. Next in order to reduce the effect of motion artifacts, a cascaded filter structure consisting of three cascaded adaptive filter blocks is developed where three channel accelerometer signals are used as references to motion artifacts. In order to further reduce the affect of noise, a scheme based on convex combination of two such cascaded adaptive noise cancelers is introduced, where two widely used adaptive filters namely recursive least squares (RLS) and least mean squares (LMS) filters are employed. Heart rates are estimated from the noise reduced PPG signal in spectral domain. Finally, an efficient heart rate tracking algorithm is designed based on the nature of the heart rate variability. The performance of the proposed CPC method is tested on a widely used public database. It is found that the proposed method offers very low estimation error and a smooth heart rate tracking with simple algorithmic approach.