To improve the punctuality rate of flights and reduce the impact of adverse weather on flights, the study of real-time air traffic flow management is carried out, considering holding strategy and rerouting strategy. A mathematical model which minimizes the total flight duration from the start point of the rerouting to the end point of the rerouting is established, and a two-stage algorithm is proposed to solve it. First, a genetic algorithm is applied to optimize the holding time and rerouting path. Then, the path is adjusted to be the best one based on the idea of “transformation from curl to straight” and “dichotomy”. The simulation results show that the proposed algorithm could find better solutions than the geometric tangent method; compared with static diversion, airspace utilization is improved; compared with the single holding strategy, the total flight duration is reduced by 17.04%; compared with the single rerouting strategy, the total flight duration is reduced by 3.98%. It verifies the effectiveness of aircraft holding time and rerouting path real-time integrated optimization under adverse weather in the real-time air traffic flow management.