Gridded precipitation products with fine resolutions and qualities are of great importance for understanding the global water–carbon-energy cycles at various spatiotemporal scales. Though continuous developments in Satellite Remote Sensing fields have been providing great strengths for measuring the precipitation from space, merging precipitation products from different sources, especially the gauge observations, is still the optimal way for obtaining high-quality precipitation data. Currently, the mainstream merging methods mainly focus on merging the rain rates without the considerations of rain events. In this study, we propose a new assumption that both rain events and rain rates should be considered in the merging procedures rather than only the rain rates. To meet our assumption, a morphology-based adaptive spatio-temporal merging algorithm (MASTMA) for combining various precipitation products is proposed, in which the morphology theory is first introduced to comprehensively consider the influences from both rain events and rain rates. The multisource and multiscale precipitation products including the gauge-based data (CPC-U, 0.5°, daily), the satellite-based data [Global Satellite Mapping of Precipitation by Moving Vector with Kalman (GSMaP-MVK), 0.1°, hourly; integrated multisatellite retrievals for global precipitation measurement late run (IMERG-LR), 0.1°, half-hourly], and the reanalysis data (ERA5-land, 0.1°, hourly), have been comprehensively considered in MASTMA for generating the final estimates (MASTMA-F, 0.1°, hourly) over the southeastern regions of the Mainland China in the periods from 2016 to 2019. The main conclusions include but are not limited to: 1) considerations on rain events contribute significantly to the final merged results, especially when eliminating false extreme values over the regions where precipitation is greatly overestimated; 2) the MASTMA could optimally integrate the advantages from multisource precipitation products with different resolutions, particularly from the perspective of the spatial distributions; and 3) the final merged estimates using MASTMA outperform the contemporary state-of-the-art precipitation products especially in terms of modified Kling–Gupta Efficiency (mKGE) and critical success index (CSI). Additionally, the results of this study suggest that MASMTA is a new promising merging approach with great robustness and applicability, and has the foreseeable potentials for the operational run to generate the optimal global merged precipitation products.