A downhole tool for real-time caliper measurements is provided. The downhole tool comprises multiple acoustic transducers mounted at different positions of the tool, and a control system. The control system drives the multiple transducers, receives pressure echo signals from the transducers, records the pressure echo signals in the memory, extracts data of two-way transit time and echo amplitude from the echo signals, and computes at least one of a borehole diameter, a tool center position, and an acoustic slowness or velocity of downhole fluid, based on the data of transit time and echo amplitude.