Summary Fluid-flow fractures, through which fluids can move under pressure, make a more significant contribution to increasing production than do microseismic and propagation fractures. An accurate description of the distribution of fluid-flow fractures is the basis for evaluating hydraulic fracturing and oil/gas recovery. In this study, a real-time inversion approach for fluid-flow fractures was proposed, and the complex fluid-flow fracture morphology was obtained in real time by updating the data of the fracturing construction curve. First, a dynamic permeability model was proposed to describe the filtration rate of the fracturing fluid during hydraulic fracturing. Combined with the point source function, the flowing bottomhole pressure (pwf) can be quickly calculated based on the fracture morphology and displacement of the fracturing fluid. The variance of pwf and bottomhole pressure (pwb) obtained by pump pressure were used as an objective function, and the length of fluid-flow fractures and fracture morphology were used as fitting parameters. The length of the fluid-flow fractures was updated with the simultaneous perturbation stochastic approximation (SPSA) to achieve a rough fitting of the bottomhole pressure. On this basis, a probability function was used to constrain the randomness of the fractures, and the fracture morphology with a fixed fracture length was continuously simulated and finely matched. Finally, a complex fluid-flow fracture morphology was obtained. The method was used to analyze the fluid-flow fracture morphology of multifractured horizontal wells in shale reservoirs, and the fitting rate of the fracturing construction curve was more than 95%. The results show that the total length of the fluid-flow fractures in one stage in naturally fractured reservoirs was approximately 629 m, and those in homogeneous reservoirs and high-stress difference reservoirs were 564 m and 532 m, respectively. The length of fluid-flow fractures with “grooves” in the fracturing construction curve was longer than the length of fluid-flow fractures with “bulges.” The effectively stimulated reservoir area with fluid-flow fractures was only approximately 28–51% of the stimulated reservoir area with microseismic fractures.