I want to achieve realism close to Cycles but in EEVEE for real-time rendering. The render or model looks good in Cycles but in EEVEE it's abysmal. I don't know what is going wrong. Why does the model look so washed out in EEVEE and how can I fix it?
2 Answers
The reason that EEVEE provides fast (real-time) rendering is precisely that it doesn't model realism. You can enable features in EEVEE that will improve its approximation but you will rarely reach Cycles' level of realism at EEVEE's level of performance.
In your example, the problem is, in part, that you need Screen Space Reflections (and Refraction) in EEVEE. You have to enable Screen Space Reflections in the properties editor, in the Render Properties tab:
You also need to edit your materials in the material properties tab and enable Screen Space Refraction:
You may also need to adjust the roughness of the material, as well as the lighting, to compensate for EEVEE's behavior.
In Eevee you'll need to use Light Probes to have better reflections, see here. In your case, as your objects are flat, use Reflection Planes (put them at the same place as your cubes, and just move them a bit):