Abstract The LuTan satellite is the first formation-flying mission of China enabling synthetic aperture radar interferometry in the L-band. As a key mission requirement, the absolute position of each satellite must be determined with an accuracy of 5 cm in three dimensions (3D). To fulfill this demand, each satellite carries a Global Positioning System/Beidou Navigation Satellite System (GPS/BDS) dual-constellation Global Navigation Satellite System receiver that can simultaneously track the GPS L1 and L2 signals, the BDS-2 B1I and B3I signals (BD2), and the BDS-3 B1C and B2a signals (BD3). In this study, we assess the performances of precise orbit determination with different signals and their combinations. For that purpose, we produce a total of five sets of orbit solutions, i.e., GPS-based, BD2-based, BD3-based, GPS/BD2 combined, and GPS/BD3 combined solutions. To evaluate the orbit solutions, comparisons in the orbital overlaps and with the GPS-based orbit are adopted. The orbital overlap analysis shows that the GPS-based solution has the smallest root mean square (RMS) of overlap orbit differences than other single-constellation solutions with 3.7 mm in 3D. The BD2- and BD3-based orbits are suffered from large errors and the overlap RMS differences are 24.7 and 18.9 mm, respectively. Furthermore, all of the combined orbits (both 3.1 mm for the GPS/BD2 and GPS/BD3 combined orbits) based on the variance component estimation method can obtain improvement than GPS-based solutions. For orbit comparisons, the GPS-based solution is selected to serve as the reference. The RMS values of the orbit differences are 29.9 and 15.4 mm for the BD2- and BD3-based solutions, respectively. For the GPS/BD2 and GPS/BD3 combined solutions, the values are 4.1 and 4.8 mm. In general, the results agree with those obtained in the overlap analysis. These results indicate that the BD3-based orbit is superior to the BD2-based orbit, while both of them are inferior to the GPS-based orbit. We show that inaccurate ephemerides of the BDS satellites can partly explain the degraded performance of the BDS-derived orbits. Nevertheless, the orbits still fulfill the 5 cm accuracy demand and can be readily used for subsequent precise baseline determination.