Satellite-based precipitation products (SPPs) provide valuable precipitation information for various applications. Their performance, however, varies significantly from region to region due to various data sources and production processes. This paper aims to evaluate four selected SPPs (Precipitation Estimation from Remotely Sensed Information using Artificial Neural Networks Climate Data Record (PERSIANN-CDR), Multi-Source Weighted-Ensemble Precipitation (MSWEP), Gauge-adjusted Global Satellite Mapping of Precipitation (GSMAP-gauge), and Global Precipitation Measurement (GPM)) over mainland China from 2016 to 2019. Both conventional statistical indicators (e.g., correlation coefficients (CC), root mean square error (RMSE), mean absolute error (MAE), relative bias (RB), and Nash–Sutcliffe efficiency (NSE)) and categorical indicators (probability of detection (POD), probability of true detection (POTD), false-alarm rate (FAR), and critical success index (CSI)) are used for quantitative analysis. The results show that: (1) GSMAP-gauge and GPM perform best in reproducing the spatial distribution pattern of precipitation over mainland China, whereas SPPs generally underestimate summer precipitation with a high frequency of no-rain cases. (2) MSWEP has the best capability for recording precipitation events, although some parts of northern China exhibit abnormal overestimations for winter precipitation. (3) All SPPs, especially the PERSIANN-CDR, significantly underestimate the precipitation in the mountainous areas of southwestern China. (4) The GSMAP-gauge and GPM outperformed the other two of the four SPPs, in terms of the probability density function of daily precipitation for cases (PDFc) and the probability density function of daily precipitation for volume (PDFv). Generally, PERSIANN-CDR shows the poorest performance when compared to the other three products. The product’s algorithm for estimating heavy precipitation and mountainous precipitation needs further improvement.