With the increase of train density on the line in high-speed railways (HSR), delay propagation becomes easy to occur. In this paper, we investigated a real-time rescheduling problem to restore the HSR operation from delay caused by disturbance. A real-time rescheduling model considering the quasi-moving block rules and the train speed profiles was constructed. The objective of the proposed model was to minimize the total delay when disturbance occurred. We developed a bi-level iterative algorithm (BIA) which combined CPLEX with loop iteration. The calculating time is greatly decreased by reducing constraints and variable numbers. Two experiments were presented to demonstrate the validity of the proposed model and the effectiveness of the proposed algorithm. The simulation results showed that, by applying the BIA approach, we have succeeded in reducing the total delay time by 17%. Meanwhile, compared with using CPLEX to solve job shop model, the calculating time is greatly decreased by reducing constraints.