The conventional average acceleration approach relies on K-band range observation, containing an unknown bias, which leads to possible degradation of the precision of Earth’s gravity field modelling. It also suffers from correlated errors caused by three-point numerical differentiation. In this study, an improved approach is proposed that makes use of K-band range-rate observations instead and overcoming the influence of correlated errors by introducing a whitening filter. GRACE-Follow On data spanning the period from January 2019 to December 2022 were processed by the proposed approach and a series of time-varying gravity field models was derived, referred to as SSM-AAA-GFO in this paper. This model series is compared comprehensively with three official model series. Results demonstrate that all model series are highly coincident below degree 30 and reflect similar time-varying gravity field signals in both large and small basins. After filtering, SSM-AAA-GFO shows uncertainty, in the form of equivalent water height below 2.5 cm, which is comparable with three official model series. The comparison results confirm the effectiveness of the proposed approach for precisely modelling a time-varying gravity field based on K-band range-rate observations.