The invention discloses a real-time monitoring device for water-inrush and mud-burst disasters in tunnels and underground engineering and an operation method. The real-time monitoring device comprises a model box, a ground stress simulation system, a water injection device, a monitoring system and a control system, wherein the model box is used for containing a water-body-containing similar material so as to simulate a rock body; the ground stress simulation system is used for applying a certain pressure to the water-body-containing similar material in a system of the model box and simulating a ground stress; the water injection device is used for injecting a certain amount of water into the water-body-containing similar material, a pressure controller and a flow control valve are mounted on the water injection device, are connected with a serve controller and are used for controlling simulated osmotic pressure at any time; the monitoring system comprises a sensor and a muddy water amount collecting device, the sensor is arranged in the model box, the muddy water amount collecting device is communicated to the inside of the model box, and the monitoring system is used for monitoring and collecting information before and after the occurrence of the water-inrush disasters in real time; and the control system is used for controlling the water injection device and simultaneously processing data collected by an information monitoring system.