Clouds are a critical factor in regulating the climate system, and estimating cloudy-sky Surface Downward Longwave Radiation (SDLR) from satellite data is significant for global climate change research. The models based on cloud water path (CWP) are less affected by cloud parameter uncertainties and have superior accuracy in SDLR satellite estimation when compared to those empirical and parameterized models relying mainly on cloud fraction or cloud-base temperature. However, existing CWP-based models tend to overestimate the low SDLR values and underestimate the larger SDLR. This study found that this phenomenon was caused by the fact that the models do not account for the varying relationships between cloud radiative effects and key parameters under different Liquid Water Path (LWP) and Precipitable Water Vapor (PWV) ranges. Based upon this observation, this study utilized Fengyun-4A (FY-4A) cloud parameters and ERA5 data as data sources to develop a new CWP-based model where the model coefficients depend on the cloud phase and cloud water path range. The accuracy of the new model’s estimated SDLR is 20.8 W/m2 for cloudy pixels, with accuracies of 19.4 W/m2 and 23.5 W/m2 for overcast and partly cloudy conditions, respectively. In contrast, the accuracy of the old CWP-based model was 22.4, 21.2, and 24.8 W/m2, respectively. The underestimation and overestimation present in the old CWP-based model are effectively corrected by the new model. The new model exhibited higher accuracy under various station locations, cloud cover scenarios, and cloud phase conditions compared to the old one. Comparatively, the new model showcased its most remarkable improvements in situations involving overcast conditions, water clouds with low PWV and low LWP values, ice clouds with large PWV, and conditions with PWV ≥ 5 cm. Over a temporal scale, the new model effectively captured the seasonal variations in SDLR.