This paper aims at exploring how to synthesize close-to-real blurs that existing video deblurring models trained on them can generalize well to real-world blurry videos. In recent years, deep learning-based approaches have achieved promising success on video deblurring task. However, the models trained on existing synthetic datasets still suffer from generalization problems over real-world blurry scenarios with undesired artifacts. The factors accounting for the failure remain unknown. Therefore, we revisit the classical blur synthesis pipeline and figure out the possible reasons, including shooting parameters, blur formation space, and image signal processor~(ISP). To analyze the effects of these potential factors, we first collect an ultra-high frame-rate (940 FPS) RAW video dataset as the data basis to synthesize various kinds of blurs. Then we propose a novel realistic blur synthesis pipeline termed as RAW-Blur by leveraging blur formation cues. Through numerous experiments, we demonstrate that synthesizing blurs in the RAW space and adopting the same ISP as the real-world testing data can effectively eliminate the negative effects of synthetic data. Furthermore, the shooting parameters of the synthesized blurry video, e.g., exposure time and frame-rate play significant roles in improving the performance of deblurring models. Impressively, the models trained on the blurry data synthesized by the proposed RAW-Blur pipeline can obtain more than 5dB PSNR gain against those trained on the existing synthetic blur datasets. We believe the novel realistic synthesis pipeline and the corresponding RAW video dataset can help the community to easily construct customized blur datasets to improve real-world video deblurring performance largely, instead of laboriously collecting real data pairs.