The term "real-time optimization" (RTO) has found its way into common usage in the oil and gas industry. However, RTO usually is used more as a slogan rather than describing a system or process that truly optimizes anything, let alone does so in real time. The full-length paper describes what RTO means in the exploitation of hydrocarbons and what technologies are available now and are likely to he available in the future. The paper also describes a new Society of Petroleum Engineers (SPE) technical interest group (TIG).