Since the launch of China’s first altimetry and scatterometry satellite, Haiyang-2A (HY-2A), various validation studies of HY-2A radar altimetry using preliminary data products have been conducted. Here, we present the first comprehensive result assessing HY-2A’s altimeter data quality and the altimetry system performance using an improved HY-2A Geophysical Data Record (GDR) product (Institute of Geodesy and Geophysics reprocessed GDR product version A, GDR_IGGA). The main improvements include altimeter timing and waveform retracking, and tropospheric, ionospheric, and sea-state bias (SSB) corrections, which resulted in more accurate HY-2A sea surface height observations. Jason-2 altimeter observations are used for the cross calibration of the HY-2A altimeter over the oceans between ±60° latitude bounds, primarily due to the limitation of Jason-2 coverage. The statistical results from single- and dual-satellite altimeter crossover analysis demonstrated that HY-2A fulfills its mission requirements. We uncovered a mean relative bias of −0.21cm (with respect to Jason-2), and a standard deviation of 6.98cm from dual-satellite crossover analysis. In addition, we present the results of a detailed analysis on variance reduction studies for the various geophysical corrections from HY-2A and compared them with Jason-2. The wave-number spectra of HY-2A and Jason-2 sea-level anomalies show similar spectral content, verifying the performance of HY-2A altimetry to be similar to Jason-2. Open issues and the remaining HY-2A data problems have been identified, allowing prospective future studies for further improvement of its accuracy.