Multirotors can be effectively applied to various tasks, such as transportation, investigation, exploration, and lifesaving, depending on the type of payload. However, due to the nature of multirotors, the payload loaded on the multirotor is limited in its position and weight, which presents a major disadvantage when the multirotor is used in various fields. In this paper, we propose a novel method that greatly improves the restrictions on payload position and weight using a morphing quadrotor system. Our method can estimate the drone's weight, center of gravity position, and inertia tensor in real-time, which change depending on payload, and determine the optimal morphology for efficient and stable flight. An adaptive control method that can reflect the change in flight dynamics by payload and morphing is also presented. Experiments were conducted to confirm that the proposed morphing quadrotor improves the stability and efficiency in various situations of transporting payloads compared with the conventional quadrotor systems.