Real-time image georeferencing technologies are required to generate spatial information promptly from the image sequences acquired by a multi-sensor system. We thus derive a sequential adjustment algorithm based on the combined adjustment model. By adopting the sequential adjustment model, we develop a sequential AT(Aerial Triangulation) algorithm to georeference image sequences in real-time. The proposed algorithm enables to perform AT rapidly with the minimum computation at the current stage by using the results computed at the previous stage whenever a new image is added. Experiments with simulated data were conducted to verify the effectiveness of the proposed algorithm. The results of the experiments show that the georeferencing of each image took very short time and its accuracy was determined within ${pm}4cm$ on the ground control points comparing to the results of the existing simultaneous AT.