Conventional phase-contrast (PC) MRI relies on electrocardiogram (ECG)-synchronized cine acquisition and respiration control. It often results in relatively low data acquisition efficiency, and is unable to assess blood flow variabilities. Real-time imaging is a promising technique to overcome these limitations; however, it results in a challenging image reconstruction problem with highly-undersampled (k; t)-space data. This paper presents a novel model-based imaging method, which integrates low-rank modeling with parallel imaging, to enable 4D real-time PC MRI without ECG gating and respiration control. The proposed method achieves an isotropic spatial resolution of 2.4 mm and temporal resolution of 35.2 ms, with three directional flow encodings. Moreover, it is able to resolve beat-by-beat flow variations, which cannot be achieved by the conventional cine-based approach. The proposed method was evaluated with in vivo experiments with one healthy subject and one arrhythmic patient. For the first time, we demonstrate the feasibility of 4D real-time PC MRI.