The invention discloses a real-time forecasting method and a warning system, wherein an electromagnetic wave field and a temperature field are used for monitoring a water disaster in front of an excavation roadway in a combined mode. The system comprises an explosion-proof main machine 10, an electromagnetic wave emitting coil 1, an electromagnetic wave receiving coil 2 and a thermal infrared temperature sensor probe 4. According to the method, the electromagnetic wave filed and a thermal infrared field are used as signal sources for conducting real-time collection and recording on wave field signals, primary results are obtained after the wave field signals are subject to data processing, a multi-field multi-parameter information fusion judging system is used for conducting fusion, correlation and comprehensive analysis on the processing results of the two kinds of wave field signals, grading and forecasting of water-containing geologic bodies are completed, and according to a set threshold, an intelligent voice alarm conducts alarming on the water-containing geologic bodies reaching the danger level. The real-time forecasting method and the warning system overcome the defect that in the prior art, real-time forecasting cannot be conducted on the water disaster in front of the excavation roadway, fully utilize the advantages of the different physical fields, improve the real-time monitoring and forecasting precision, achieve the purposes of full-process monitoring, and realize real-time forecasting and alarming of the water disaster in front of the excavation roadway.