Benefitting from a large bandwidth and compact configuration, a time-domain pulse-shaping (TPS) system provides possibilities for generating broadband radio frequency (RF) arbitrary waveforms based on the Fourier transform relationship between the input–output waveform pair. However, limited by the relatively low sampling rate and bit resolution of an electronic arbitrary-waveform generator (EAWG), the diversity and fidelity of the output waveform as well as its reconfiguration rate are constrained. To remove the EAWG’s limitation and realize dynamic real-time reconfiguration of RF waveforms, we propose and demonstrate a novel approach of RF arbitrary-waveform generation based on an improved TPS system with an integrated dual parallel Mach–Zehnder modulator (DPMZM) and multi-tone inputs. By appropriately adjusting the DC bias voltages of DPMZM and the power values, as well as the center frequencies of the multi-tone inputs, any desired RF arbitrary waveform can be generated and reconfigured in real time. Proof-of-concept experiments on the generation of different user-defined waveforms with a sampling rate up to 27 GSa/s have been successfully carried out. Furthermore, the impact of modulation modes and higher-order dispersion on waveform fidelity is also discussed in detail.