One of the most difficult problem to estimate the flood inflow is how to understand the effective rainfall. The effective rainfall is absolutely influenced by the condition of soil moisture in the watershed just before the storm event. DAWAST model developed to simulate the daily streamflow considering the meteologic and geographic characteristics in the Korean watersheds was applied to understand the soil moisture and estimate the effective rainfall rather accurately through the daily water balance in the watershed. From this soil moisture and effective rainfall, concentration time, dimensionless hydrograph, and addition of baseflow, the rainfall-runoff model for flood flow was developed by converting the concept of long-term runoff into short-term runoff. And, real-time flood forecasting model was also developed to forecast the flood-inflow hydrograph to the river and reservoir, and called RETFLO model. According to the model verification, RETFLO model can be practically applied to the medium and small river and reservoir to forecast the flood hydrograph with peak discharge, peak time, and volume. Consequently, flood forecasting and warning system in the river and the reservoir can be greatly improved by using personal computer.