Integrated Multi-satellitE Retrievals for GPM (Global Precipitation Measurement) (IMERG) is the primary high spatiotemporal resolution precipitation product of the GPM era. To assess the applicability of the latest released IMERG_V07 in mainland China, this study systematically evaluates the error characteristics of IMERG_V07 from the perspective of different seasons, precipitation intensity, topography, and climate regions on an hourly scale. Ground-based meteorological observations are used as the reference, and the performance improvement of IMERG_V07 relative to IMERG_V06 is verified. Error evaluation is conducted in terms of precipitation amount and precipitation frequency, and an improved error component procedure is utilized to trace the error sources. The results indicate that IMERG_V07 exhibits a smaller RMSE in mainland China, especially with significant improvements in the southeastern region. IMERG_V07 shows better consistency with ground station data. IMERG_V07 shows an overall improvement of approximately 4% in capturing regional average precipitation events compared to IMERG_V06, with the northwest region showing particularly notable enhancement. The error components of IMERG_V06 and IMERG_V07 exhibit similar spatial distributions. IMERG_V07 outperforms V06 in terms of lower Missed bias but slightly underperforms in Hit bias and False bias compared to IMERG_V06. IMERG_V07 shows improved ability in capturing precipitation frequency for different intensities, but challenges remain in capturing heavy precipitation events, missing light precipitation, and winter precipitation events. Both IMERG_V06 and IMERG_V07 exhibit notable topography dependency in terms of Total bias and error components. False bias is the primary error source for both versions, except in winter, where high-altitude regions (DEM > 1200 m) primarily contribute to Missed bias. IMERG_V07 has enhanced the accuracy of precipitation retrieval in high-altitude areas, but there are still limitations in capturing precipitation events. Compared to IMERG_V06, IMERG_V07 demonstrates more concentrated error component values in the four climatic regions, with reduced data dispersion and significant improvement in Missed bias. The algorithm improvements in IMERG_V07 have the most significant impact in arid regions. False bias serves as the primary error source for both satellite-based precipitation estimations in the four climatic regions, with a secondary contribution from Hit bias. The evaluation results of this study offer scientific references for enhancing the algorithm of IMERG products and enhancing users’ understanding of error characteristics and sources in IMERG.