This study assessed the performance of two well-known gridded meteorological datasets, CFSR (Climate Forecast System Reanalysis) and CMADS (China Meteorological Assimilation Driving Datasets), and three satellite-based precipitation datasets, TRMM (Tropical Rainfall Measuring Mission), CMORPH (Climate Prediction Center morphing technique), and CHIRPS (Climate Hazards Group InfraRed Precipitation with Station data), in driving the SWAT (Soil and Water Assessment Tool) model for streamflow simulation in the Fengle watershed in the middle–lower Yangtze Plain, China. Eighteen model scenarios were generated by forcing the SWAT model with different combinations of three meteorological datasets and six precipitation datasets. Our results showed that (1) the three satellite-based precipitation datasets (i.e., TRMM, CMORPH, and CHIRPS) generally provided more accurate precipitation estimates than CFSR and CMADS. CFSR and CMADS agreed fairly well with the gauged measurements in maximum temperature, minimum temperature, and relative humidity, but large discrepancies existed for the solar radiation and wind speed. (2) The impact of precipitation data on simulated streamflow was much larger than that of other meteorological variables. Satisfactory simulations were achieved using the CMORPH precipitation data for daily streamflow simulation and the TRMM and CHIRPS precipitation data for monthly streamflow simulation. This suggests that different precipitation datasets can be used for optimal simulations at different temporal scales.