Real-time flood forecasting updating is essential in improving the forecasting performance and preventing flood damages. The advanced dynamic system response curve (DSRC) method has been validated to be effective by adjusting precipitation based on simulated streamflow errors. However, the time lag between input-output signals is not explicitly considered in the original DSRC, resulting in the problem that the most recent precipitation information is not utilized in updating the forecasting. Moreover, regularization techniques are normally introduced in DSRC to ensure the numerical stability of error estimation, however, the commonly used Ridge estimator can result in excessive adjustment of precipitation. To address these critical issues, we proposed an improved precipitation adjustment framework (DSRC-ARMA) that integrated the DSRC method and the autoregressive-moving average (ARMA) model, such that the most recent precipitation information can be used for a complete precipitation adjustment. Moreover, alternative regularized estimators (i.e., the Lasso and Elastic Net estimators) were introduced and cross-compared to prevent the excessive adjustment issue. The performance of the proposed framework was evaluated in two basins in China. The results showed that the DSRC-ARMA method outperformed the original DSRC method in terms of overall goodness-of-fit (e.g., Nash-Sutcliffe efficiency improved from 0.94 f 0.03 to 0.95 f 0.04 and 0.89 f 0.05 to 0.91 f 0.05, respectively in Dapoling (DPL) and Jianyang (JY) basin) and particularly capturing the peak flows (relative error of peak flow decreased from 13.6 f 7.3 % to 5.2 f 3.7 % and from 10.1 f 7.8 % to 5.9 f 3.5 % in DPL and JY, respectively). For different regularized estimators, the Ridge estimator was most suitable for the rainfall events without intermittent non-rainfall time segments (due to its veracity feature); while the Lasso estimator performed better for intermittent rainfall events, due to its feature of sparsity that can confine non-rainfall period errors to be zeros and thus avoid excessive adjustment. Overall, the proposed precipitation adjustment framework holds the potential to enhance the real-time flood forecasting accuracy, thereby offering a valuable approach for flood mitigation.