Virtual try-on technology enables users to try various fashion items using augmented reality and provides a convenient online shopping experience. However, most previous works focus on the virtual try-on for clothes while neglecting that for shoes, which is also a promising task. To this concern, this work proposes a real-time augmented reality virtual shoe try-on system for smartphones, namely ARShoe. Specifically, ARShoe adopts a novel multi-branch network to realize pose estimation and segmentation simultaneously. A solution to generate realistic 3D shoe model occlusion during the try-on process is presented. To achieve a smooth and stable tryon effect, this work further develop a novel stabilization method. Moreover, for training and evaluation, we construct the very first large-scale foot benchmark with multiple virtual shoe try-on taskrelated labels annotated. Exhaustive experiments on our newly constructed benchmark demonstrate the satisfying performance of ARShoe. Practical tests on common smartphones validate the real-time performance and stabilization of the proposed approach