Abstract Algorithms that are used in real-time hearing devices, such as hearing aids or cochlear implants, need to work with a short time latency in the order of 10 ms and must be efficient enough to run on battery power. Furthermore, in order to evaluate ecological validity such algorithms often need to be validated in the development stage using real-time processing of environmental sounds. However, researchers often lack the ability to access to the technology and they use offline schemes instead. In order to allow more and less specialised researchers access to the necessary technology and make it as easy and straightforward to develop real-time algorithm, we have developed an auditory real-time processing algorithm platform (“Open Development Platform”, ODP). The ODP is designed to help the development from existing offline algorithms to novel real-time algorithms by introducing a clear set of rules for development and evaluation. ODP has a software component that works in MATLAB/Simulink and a hardware component that works on the Speedgoat® Target machine. We also explain several algorithms from the available library that have low latency and low power consumption: filter bank, envelop power estimator, frequency shifter, and adaptive feedback canceller. As example of a complete project, we demonstrate here, how they can be combined to a fully functional hearing aid for research purposes.