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This paper proposes a real-time schedule model of a microgrid (MG) for maximizing battery energy storage (BES) utilization. To this end, a BES life model is linearized using piece-wise linearization and big-M method to assess the BES life loss (BLL) in a real-time manner. The cost-effective schedule model of the MG with multiple energy resources aims to maximize BES utilization while ensuring its sufficient lifespan. Corresponding to the optimization model, approximate dynamic programming (ADP) for maximizing BES utilization (ADP-MBU) in the real-time schedule is proposed to optimize the system under stochastic environments. In ADP-MBU, a new value function approximation method employing the BES cumulative life loss (BCLL) is developed to improve the optimality and applicability. The proposed ADP-MBU algorithm can achieve satisfactory approximate optimality while reflecting the variation of real-time BLL. Case studies validate the applicability of the proposed MG schedule model and the advantages of the proposed ADP-MBU algorithm. [ABSTRACT FROM AUTHOR]