The concept of microgrid involves coordination between distributed load and generation by enhancing the system controllability, flexibility, energy management and storage capability. The problem of optimal management of the resources in a microgrid is under investigation and recent studies propose new strategies to use centralize and distributed control schemes by utilizing real-time monitoring and control system. This paper presents the development of a real-time Optimal Power Flow (OPF) management system which is implemented in the Smart Grid Test-bed lab at Florida International University. The paper will discuss briefly the developed Hybrid AC/DC microgrid and its components. Implementation of real-time monitoring and control system creates the feasibility of performing online OPF and applying load-generation settings and strategies in real-time format.