Existing portrait matting methods either require auxiliary inputs that are costly to obtain or involve multiple stages that are computationally expensive, making them less suitable for real-time applications. In this work, we present a light-weight matting objective decomposition network (MODNet) for portrait matting in real-time with a single input image. The key idea behind our efficient design is by optimizing a series of sub-objectives simultaneously via explicit constraints. In addition, MODNet includes two novel techniques for improving model efficiency and robustness. First, an Efficient Atrous Spatial Pyramid Pooling (e-ASPP) module is introduced to fuse multi-scale features for semantic estimation. Second, a self-supervised sub-objectives consistency (SOC) strategy is proposed to adapt MODNet to real-world data to address the domain shift problem common to trimap-free methods. MODNet is easy to be trained in an end-to-end manner. It is much faster than contemporaneous methods and runs at 67 frames per second on a 1080Ti GPU. Experiments show that MODNet outperforms prior trimap-free methods by a large margin on both Adobe Matting Dataset and a carefully designed photographic portrait matting (PPM-100) benchmark proposed by us. Further, MODNet achieves remarkable results on daily photos and videos.