The data source and resolution of DEM will affect the extraction of watershed features and flood simulation precision. In this paper, based on the 7 cm resolution DEM of the Liulin watershed obtained by tilt photography technology, the nearest neighbor interpolation, bilinear interpolation, and cubic convolution methods were used to resample DEMs with 1m and 30m resolution, and 6 resampled DEMs were obtained. The Aster 30m resolution DEM was downloaded from the geospatial data cloud. The watershed features were extracted from the 7 DEMs and compared. Based on these DEMs, the HEC-HMS model was established. 20 flood events were selected in the Liulin watershed for model calibration and verification. The results showed that the resampling method has little effect on the topographic features, but there were some differences between the resampling and downloaded DEM topographic features. The flood simulation results of the 1m resolution DEM-based HEC-HMS model are slightly better than that of the 30m resolution DEM-based model. The resampled 30m resolution DEM-based model performed identically with Aster 30m resolution DEM-based model. Therefore, an Aster 30m DEM can be used for flood simulation in a watershed that lacks measured high-precision topographic data.