Emerging applications of IoT (the Internet of Things), such as smart transportation, health, and energy, are envisioned to greatly enhance the societal infrastructure and quality of life of individuals. In such innovative IoT applications, cost-efficient real-time decision-making is critical to facilitate, for example, effective transportation management and healthcare. In this paper, we formally define real-time decision tasks in IoT, review cutting-edge approaches that aim to efficiently schedule real-time decision tasks to meet their timing and data freshness constraints, review state-of-the-art approaches for efficient sensor data analytics in IoT, and discuss future research directions.