The present disclosure relates to method and system for annotating an object in real-time which comprises object database, remote device and real-time annotating unit. Real-time annotating unit receives video stream comprising one or more objects and identifies at least one object in video stream to be annotated by comparing at least one frame of video stream with predefined frames comprising one or more objects in object database. Further, real-time annotating unit determines orientation data of at least one object and obtains unique context identifier (UCID) associated with each of at least one object. The real-time annotating unit further provides UCID associated with at least one object to remote device and receives annotated data, from remote device, generated based on UCID and remote expert inputs. Further, real-time annotating unit converts annotation data to 3D space coordinates and renders converted annotated data on at least one object based on orientation data.