Previous studies have reported the large-scale meteorological conditions and dynamic causes of the extreme period of meiyu rainfall in 2020. However, the microphysical properties of meiyu precipitation during this period remain unclear. We used the Global Precipitation Measurement 2ADPR orbital precipitation dataset, the IMERG gridded precipitation dataset and the ERA5 reanalysis dataset to study the characteristics of meiyu precipitation over the Yangtze Plain during the extreme meiyu period in 2020 and historical meiyu periods from 2014 to 2019. The results showed that the average daily rainfall during the 2020 meiyu period was 1.5 times higher than the historical average as a result of the super-strong water vapor flux in the low- to mid-level layers of the atmosphere. The amplitude of nocturnal low-level water vapor transport during the 2020 meiyu period was twice the historical average and, therefore, the diurnal peak of meiyu rainfall at 0630 LST in 2020 was significantly earlier than the historical average. The moisture transport was the dominant moisture supply for precipitation during the 2020 meiyu period, whereas the moisture convection contributed less than in the meiyu periods of 2014–2019. This led to the precipitation in the 2020 meiyu period having a higher concentration of smaller droplets than the historical average. There were lower proportions of size-sorting evaporation and break-up processes in the liquid-phase precipitation processes in the 2020 meiyu than the historical average, but a higher proportion of coalescence processes. These results provide a factual basis for the simulation and forecast of precipitation during extreme meiyu periods.