The present disclosure discloses a method and a system for generating AR/VR content in real-time. The system upon receiving a user query or gestures, identifies query attributes and action attributes associated with IOT devices. Thereafter, system identifies IOT data corresponding to the query attributes and the action attributes from the IOT devices. Based on the IOT data, system generates multimedia content using trained machine learning model. The machine learning model is trained to provide multimedia content based on the IOT data associated with the query attributes or the action attributes. Thereafter, the system generates AR/VR content in real-time based on the multimedia content. In this manner, present disclosure supports interactive queries over AR/VR content and provides AR/VR content in real-time thereby reducing storage requirement for storing various images for interpolation.