This study focused on improving the performance of the near real-time Integrated Multi-satellitE Retrievals for Global Precipitation Measurement (IMERG) Early Run (IMERG-E) product based on a newly developed bias-correction scheme, LSCDF. The LSCDF was established by integrating the mean-based Linear Scaling (LS) and quantile-mapping Cumulative Distribution Function (CDF) matching approaches. The daily updating gauge-based precipitation data from the Climate Prediction Center (CPC) unified analysis were used as the benchmark for bias correction. The IMERG-E bias-corrected precipitation data were evaluated against the daily ground measurements from 807 meteorological stations across mainland China and compared with the raw IMERG-E and IMERG Final Run (IMERG-F; research-level with gauge calibration) retrievals. Evaluation results for the period 2015 to 2017 showed that the LSCDF method effectively improves near real-time IMERG-E precipitation estimates at the daily scale. The bias-corrected IMERG-E precipitation estimates were in significantly better agreement with ground measurements than the original IMERG-E at the point-daily resolutions, with the correlation coefficient increasing from 0.66 to 0.77, relative bias decreasing from 11.1% to −3.1%, and root-mean-square error dropping from 6 mm/day to 4.39 mm/day. In addition, the bias-corrected IMERG-E was apparently superior to IMERG-E in detecting precipitation events at various intensity levels including small, light, moderate, and heavy precipitation. Although IMERG-E tended to significantly underestimate or overestimate precipitation during three typical typhoons, the bias-corrected IMERG-E can match the rainfall spatial distributions well, demonstrating a considerable capability in capturing the extreme precipitation. Generally, the bias-corrected IMERG-E featured a substantial improvement over the original IMERG-E, and it even exhibited a more satisfactory overall performance than the research-level gauge-calibrated IMERG-F product. Our study demonstrates that the bias-correction method LSCDF can improve the accuracy of satellite precipitation products to benefit the near real-time application of satellite products for natural hazards.