Object detection and recognition is an essential task in computer vision with numerous real-world applications such as surveillance, self-driving cars, and robotics. In recent years, deep learning-based approaches have significantly improved the accuracy and speed of object detection and recognition. The You Only Look Once version 3 (YOLOv3) algorithm is a popular deep learning-based approach that can detect and recognize objects in real-time. The Common Objects in Context (COCO) dataset is a large-scale dataset with over 330,000 labeled images and more than 2.5 million object instances, making it a popular choice for object detection and recognition tasks. In this paper, we propose a deep learning-based approach for real-time object detection and recognition using the YOLOv3 architecture and COCO dataset. We evaluate our approach based on several performance metrics, including mean average precision (mAP), frames per second (FPS), total object detection time, object detection accuracy, false positive rate, number of detected objects, and mean intersection over union (mIoU). Our results show that our approach achieves a mean average precision of 0.76 on the COCO dataset and a real-time performance of 40 frames per second on a single GPU. Additionally, our approach achieves an object detection accuracy of 93.5%, a false positive rate of 6.5%, and a mean intersection over union of 0.65. Our proposed approach shows promising results for real-time object detection and recognition and can be applied to various real-world applications.