Is there a specific method to create missile sound effect? What should i record and which plugin types should i use on it? Beyond the basics. Reverb, flanger maybe?
Assuming full sequence here and most of these are just ideas.
Launch sound: Imagine something that makes "schwoo". If you want to completely fake it I would imagine samplerate automated pompom swing to work. Add reverb both after and before the samplerate automation. If you are starting with sample libraries then use samplerate automated explosion and cut or fade the start of the sample.
Missile flying: Burning sound (for fake solution crumble some paper, aluminum foil or soft plastic bag), wind (easy to fake by blowing to dynamic mic), maybe add synthetized low end. Smashing everything or some of the source sounds with distortion and/or limiter usually works. Sync to picture by creating doppler effect with samplerate modulation or doppler effect plugin. If it's for real time application modulate samplerate depending of how fast it moves towards or away from camera or player.
Explosion: Faking explosions is hard and there are probably threads about those here. Sorry, I would just use explosion samples and slap them together until it sounds good.
It depends on the missile you're trying to describe.
For big cold-war-era ICBMs, your best bet is to find some footage of one of the hundreds of test launches and steal some of the audio from that. If you want it to sound even bigger and more ominous, you could try using footage of NASA rocket launches to steal sound from.
If you're talking about little air-to-air missiles or SRAMs, then you could try recording some of the larger firework rockets or find a local rocketry club and record some of their model rocket engines.
Trying to create an authentic-sounding rocket engine from scratch is going to be difficult.
If you listen to some of the examples I've linked here, you'll notice that the main component is noise.
For larger engines, you'll want to put it through a low-pass filter to take out some of the hiss and leave you with more rumble.
Once you have the noise set up the way you want, if your missile is moving past the camera, you'll need to add some phase modulation to simulate the Doppler effect - experiment with phasers, flangers and choruses on extremely slow settings. Automate them if possible and don't be too heavy-handed.
Finally, you'll need to add in some clipping from a distortion or overdrive plugin or from a limiter to mimic the recording equipment going beyond its limits.