We present a Keldysh nonlinear sigma-model approach to the renormalization group analysis of the disordered electron liquid. We include both the Coulomb interaction and Fermi-liquid type interactions in the singlet and triplet channels into the formalism. Based on this model, we reproduce the coupled renormalization group equations for the diffusion coefficient, the frequency, and interaction constants previously derived with the replica model in the imaginary time technique. With the help of source fields coupling to the particle-number and spin densities, we study the density-density and spin density-spin density correlation functions in the diffusive regime. This allows us to obtain results for the electric conductivity and the spin susceptibility and thereby to rederive the main results of the one-loop renormalization group analysis of the disordered electron liquid in the Keldysh formalism.