The present invention relates to systems and methods for real-time multi-party recommendation in a peer to peer communication. The system (200) comprises a transceiver (202) that receives a selection for selecting a first electronic media from a first set of electronic media stored in the first user equipment (102), and transmit the same to the second user equipment (104). The system (200) further comprises a metadata generator unit (204) to generate first electronic media metadata; and a recommendation unit (206) to determine first recommendation metadata based on an analysis of first electronic media metadata and a first set of electronic media metadata. The transceiver (202) of the system (200) transmits the first electronic media metadata and the first recommendation metadata to the second user equipment (104), and receives, a second recommendation metadata based on an analysis of the first electronic media metadata and a second set of electronic media metadata.