Abstract Real-time parametric interpolation has played a key role in the computer control of machine tools. To achieve highest quality parts, generated trajectories not only describe the desired toolpath accurately, but also have smooth dynamics profiles. This paper presents a novel parametric interpolator based on guide curve. The relationships between geometric properties and kinematic properties are firstly discussed. Then, with a consideration of the important effect of the curvature of curvilinear path on the machining dynamics, a corresponding formula, which describes the relation of the maximum allowed feed acceleration/deceleration and the maximum allowed rate of change of curvature radius of paths, is built. Thus, based on a near arc parameterization and through modifying the curvature radius curve to deal with corners, key regions and other cases, adaptive feedrate schedule is completed according to the reconstructed smooth curvature radius curve. Consequently, confined chord errors, corners on the path and the acceleration/deceleration capabilities of the machine tool are simultaneously considered and incorporated into the guide curve based parametric interpolation system without using look-ahead scheme. Simulation results indicate the feasibility and precision of the proposed interpolation method.