This paper considers the problem of real-time trajectory generation and tracking for nonlinear control systems. We employ a two-degree-of-freedom approach that separates the nonlinear tracking problem into real-time trajectory generation followed by local (gain-scheduled) stabilization. The central problem which we consider is how to generate, possibly with some delay, a feasible state space and input trajectory in real time from an output trajectory that is given online. We propose two algorithms that solve the real-time trajectory generation problem for differentially flat systems with (possibly non-minimum phase) zero dynamics. One is based on receding horizon point to point steering, the other allows additional minimization of a cost function. Both algorithms explicitly address the tradeoff between stability and performance and we prove convergence of the algorithms for a reasonable class of output trajectories. To illustrate the application of these techniques to physical systems, we present experimental results using a vectored thrust flight control experiment built at Caltech. A brief introduction to differentially flat systems and its relationship with feedback linearization is also included.