Long-term, continuous, and highly accurate precipitation estimation is crucial for reliable drought monitoring. Precipitation estimation based on gauge measurements, satellite retrieval, and reanalysis datasets exhibits heterogeneous uncertainties across different regions of mainland China. This study introduces two modifiable weighting schemes (Cheng-Kling-Gupta Efficiency (CKGE) weighted-ensemble model (CWEM) and Bayesian Model Averaging (BMA)), utilizing posterior probabilities generated by BMA and the performance of CKGE, to merge 7 monthly precipitation datasets into new weighted precipitation (BMA Ensemble Precipitation (BMAEP) and CKGE Weighted-Ensemble Precipitation (CWEP)) using various quantity combination schemes. Subsequently, the precision and drought monitoring utility of the weighted precipitation are evaluated and compared with the representative fused precipitation product Multi-Source Weighted-Ensemble Precipitation (MSWEP) in mainland China using gauged data. The amalgamated results demonstrate that, compared to individual datasets, certain weighted precipitation schemes exhibit superiority over MSWEP. In particular, BMAEP-2P demonstrates superior performance in the composite index CKGE, achieving a value of 0.828. CWEP-4P exhibits a higher correlation coefficient (CC), reaching 0.905. CWEP-2P excels in terms of relative bias (BIAS) and root mean square error (RMSE), with values of 0.579 % and 20.755 mm, respectively. Furthermore, BMAEP or CWEP performs optimally in drought monitoring applications across all sub-regions of mainland China at different time scales (1, 3, 6, 12 and 24 months), with the average of the highest values of CC and probability of detection (POD) reached 0.919 and 0.844, respectively. Further contribution analysis reveals CPC as the dominant factor contributing to the greatest improvement in the performance (excluding CKGE, CC_SPEI1, CC_SPEI24 and POD_SPEI24) of the fusion models, among which it boosted MERRA2′s performance on POD_SPEI6 by 9.41 %. In conclusion, the merging schemes based on CWEM and BMA methods effectively generate a new precipitation dataset, integrating information from multiple products into drought monitoring applications.