Three-dimensional (3D) fetal ultrasound has been widely used in prenatal examinations. Realistic and real-time volumetric ultrasound volume rendering can enhance the effectiveness of diagnoses and assist obstetricians and pregnant mothers in communicating. However, this remains a challenging task because (1) there is a large amount of speckle noise in ultrasound images and (2) ultrasound images usually have low contrasts, making it difficult to distinguish different tissues and organs. However, traditional local-illumination-based methods do not achieve satisfactory results. This real-time requirement makes the task increasingly challenging. This study presents a novel real-time volume-rendering method equipped with a global illumination model for 3D fetal ultrasound visualization. This method can render direct illumination and indirect illumination separately by calculating single scattering and multiple scattering radiances, respectively. The indirect illumination effect was simulated using volumetric photon mapping. Calculating each photon’s brightness is proposed using a novel screen-space destiny estimation to avoid complicated storage structures and accelerate computation. This study proposes a high dynamic range approach to address the issue of fetal skin with a dynamic range exceeding that of the display device. Experiments show that our technology, compared to conventional methodologies, can generate realistic rendering results with far more depth information.