Can I use my current passport for ticket booking and renew it afterwards before the period of flight?
You don't need to use the same passport when you travel as you did when you book - though it does need to be in the same name as the ticket when you check in. You are not the first person to renew a passport between booking and travel.
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Answer: United States passports are valid until midnight on the date of expiration. You can legitimately travel on the date your passport expires without any problems.
Anyone traveling with an expired passport should contact the nearest U.S. embassy or consulate to apply for a new passport. If you're flying overseas, don't bother showing up at the airport without a legitimate passport. If you can't renew in time, rearrange your flight.
You can go to the Airline's website to “manage my reservation”, and update your passport information there. If you have a problem you can call the airline, or contact them through social media.
Many European countries (the Schengen states) require that your passport be valid for at least three months beyond your planned date of departure from the Schengen area.