Purpose: To improve image quality and reduce imaging dose in CBCT for radiation therapy applications and to realize near real‐time image reconstruction based on use of a fast convergence iterative algorithm and acceleration by multi‐GPUs. Methods: An iterative image reconstruction that sought to minimize a weighted least squares cost function that employed total variation (TV) regularization was employed to mitigate projection data incompleteness and noise. To achieve rapid 3D image reconstruction (< 1 min), a highly optimized multiple‐GPU implementation of the algorithm was developed. The convergence rate and reconstruction accuracy were evaluated using a modified 3D Shepp‐Logan digital phantom and a Catphan‐600 physical phantom. The reconstructed images were compared with the clinical FDK reconstruction results. Results: Digital phantom studies showed that only 15 iterations and 60 iterations are needed to achieve algorithm convergence for 360‐view and 60‐view cases, respectively. The RMSE was reduced to 10−4 and 10−2, respectively, by using 15 iterations for each case. Our algorithm required 5.4s to complete one iteration for the 60‐view case using one Tesla C2075 GPU. The few‐view study indicated that our iterative algorithm has great potential to reduce the imaging dose and preserve good image quality. For the physical Catphan studies, the images obtained from the iterative algorithm possessed better spatial resolution and higher SNRs than those obtained from by use of a clinical FDK reconstruction algorithm. Conclusions: We have developed a fast convergence iterative algorithm for CBCT image reconstruction. The developed algorithm yielded images with better spatial resolution and higher SNR than those produced by a commercial FDK tool. In addition, from the few‐view study, the iterative algorithm has shown great potential for significantly reducing imaging dose. We expect that the developed reconstruction approach will facilitate applications including IGART and patient daily CBCT‐based treatment localization.