Proximity measures quantify the closeness or similarity between nodes in a social network and form the basis of a range of applications in social sciences, business, information technology, computer networks, and cyber security. It is challenging to estimate proximity measures in online social networks due to their massive scale (with millions of users) and dynamic nature (with hundreds of thousands of new nodes and millions of edges added daily). To address this challenge, we develop two novel methods to efficiently and accurately approximate a large family of proximity measures. We also propose a novel incremental update algorithm to enable near real-time proximity estimation in highly dynamic social networks. Evaluation based on a large amount of real data collected in five popular online social networks shows that our methods are accurate and can easily scale to networks with millions of nodes. To demonstrate the practical values of our techniques, we consider a significant app...