In this paper, we present a new variational Born iterative method (VBIM) for real-time microwave imaging (MWI) applications. The S-parameter volume integral equation and waveport vector Green's function are implemented to utilize the measured signal of the MWI system. Meanwhile, the real and imaginary separation (RIS) approach is used at each iterative step to simultaneously reconstruct the dielectric permittivity and conductivity of unknown objects. Compared with the Born iterative method and distorted Born iterative method, VBIM requires less computational time to reach the convergence threshold. The graphics processing unit based acceleration technique is implemented for real-time imaging. To demonstrate the efficiency and accuracy of this VBIM-RIS method, synthetic analysis of a complex multi-layer spherical phantom is first conducted. Then, the algorithm is tested with measured data using our new MWI system prototype. Finally, a synthetic brain-tumor phantom model under a thermal therapy procedure is monitored to exemplify the real-time imaging with about 5 seconds per reconstruction frame.