The real-time multi-emitter localization method is essential for advancing high-throughput super-resolution localization microscopy (HT-SRLM). In the past decade, the graphics processing unit (GPU) computation has been dominantly used to accelerate the execution speed of the multi-emitter localization method. However, if HT-SRLM is combined with a scientific complementary metal-oxide-semiconductor (sCMOS) camera working at full frame rate, real-time image processing is still difficult to achieve using this acceleration approach, thus resulting in a massive data storage challenge and even system crash. Here we take advantage of the cooperative acceleration power of field programming gate array (FPGA) computation and GPU computation, and propose a method called HCP-STORM to enable real-time multi-emitter localization. Using simulated images, we verified that HCP-STORM is capable of providing real-time image processing for raw images from a representative Hamamatsu Flash 4 V3 sCMOS camera working at full frame rate (that is, 2048×2048 pixels @ 10 ms exposure time). Using experimental images, we prove that HCP-STORM is 25 times faster than QC-STORM and 295 times faster than ThunderSTORM, with a small but acceptable degradation in image quality. This study shows the potential of FPGA-GPU cooperative computation in accelerating multi-emitter localization, and pushes a significant step toward the maturity of HT-SRLM technology.