This article elucidates a new real-time optimization framework for advanced energy-efficient management of active radial distribution networks. The proposed energy management process leverages the benefits of simultaneous deployment of online direct load control (DLC) and conservation voltage reduction (CVR) for decreasing peak energy demand. Initially the proposed problem is designed as a time-coupled stochastic mixed integer nonconvex programming (MINCP) to accommodate long-term offline beneficial aspects in real-time optimization framework, which is later simplified using merger of Queueing theory and Lyapunov optimization. A successive mixed integer linear programming (s-MILP) solution approach is proposed for accurate and fast convergence of the revised MINCP framework. The efficacy of the developed strategy is evaluated after comparing with two-benchmark energy management models (viz. offline and online greedy algorithm) by demonstrating on modified IEEE 69-bus test system. Further scalability of the proposed approach is validated by testing on large distribution networks.