The rapid development of the Chinese BeiDou Navigation Satellite System (BDS) brings a promising prospect for the real-time retrieval of zenith tropospheric delays (ZTD) and precipitable water vapor (PWV), which is of great benefit for supporting the time-critical meteorological applications such as nowcasting or severe weather event monitoring. In this study, we develop a real-time ZTD/PWV processing method based on Global Positioning System (GPS) and BDS observations. The performance of ZTD and PWV derived from BDS observations using real-time precise point positioning (PPP) technique is carefully investigated. The contribution of combining BDS and GPS for ZTD/PWV retrieving is evaluated as well. GPS and BDS observations of a half-year period for 40 globally distributed stations from the International GNSS Service Multi-GNSS Experiment and BeiDou Experiment Tracking Network are processed. The results show that the real-time BDS-only ZTD series agree well with the GPS-only ZTD series in general: the RMS values are about 11-16 mm (about 2-3 mm in PWV). Furthermore, the real-time ZTD derived from GPS-only, BDS-only, and GPS/BDS combined solutions are compared with those derived from the Very Long Baseline Interferometry. The comparisons show that the BDS can contribute to real-time meteorological applications, slightly less accurately than GPS. More accurate and reliable water vapor estimates, about 1.3-1.8 mm in PWV, can be obtained if the BDS observations are combined with the GPS observations in the real-time PPP data processing. The PWV comparisons with radiosondes further confirm the performance of BDS-derived real-time PWV and the benefit of adding BDS to standard GPS processing. [ABSTRACT FROM AUTHOR]