In modern internet industries, deep learning based recommender systems have became an indispensable building block for a wide spectrum of applications, such as search engine, news feed, and short video clips. However, it remains challenging to carry the well-trained deep models for online real-time inference serving, with respect to the time-varying web-scale traffics from billions of users, in a cost-effective manner. In this work, we present JIZHI - a Model-as-a-Service system - that per second handles hundreds of millions of online inference requests to huge deep models with more than trillions of sparse parameters, for over twenty real-time recommendation services at Baidu, Inc. In JIZHI, the inference workflow of every recommendation request is transformed to a Staged Event-Driven Pipeline (SEDP), where each node in the pipeline refers to a staged computation or I/O intensive task processor. With traffics of real-time inference requests arrived, each modularized processor can be run in a fully asynchronized way and managed separately. Besides, JIZHI introduces heterogeneous and hierarchical storage to further accelerate the online inference process by reducing unnecessary computations and potential data access latency induced by ultra-sparse model parameters. Moreover, an intelligent resource manager has been deployed to maximize the throughput of JIZHI over the shared infrastructure by searching the optimal resource allocation plan from historical logs and fine-tuning the load shedding policies over intermediate system feedback. Extensive experiments have been done to demonstrate the advantages of JIZHI from the perspectives of end-to-end service latency, system-wide throughput, and resource consumption. JIZHI has helped Baidu saved more than ten million US dollars in hardware and utility costs while handling 200% more traffics without sacrificing inference efficiency.