In this paper, a path following control strategy for lunar/planetary exploration rovers is described, taking into account slip motion of the rover. It is determined that the slip motion of each wheel of the rover must be increased and cannot be neglected when the rover travels on loose soil. Because of slip, following an arbitrary path on loose soil is a difficult task. In order to improve this situation, the authors have developed a path following algorithm with slip compensation. In this algorithm, both steering and driving maneuvers of the rover are derived not only to follow an arbitrary path, but also simultaneously compensate for the slip. The performance of the path following strategy is confirmed through numerical simulation using the wheel-and-vehicle model elaborated in our previous research. The slip motion of the wheel is also addressed, based on a terramechanics approach. The proposed path following algorithm shows better performance than traditional control without slip compensation in the simulation.