Based on the daily precipitation data from 753 meteorological stations provided by the National Meteorological Information Center (China) and the daily reanalysis data from NCEP/NCAR and ERA5 during the period from 1980 to 2020, the low-frequency (LF) precipitation characteristics of the typical summer flood and drought years in southern China and their relation to the LF atmospheric circulation at different latitudes are compared and analyzed, and extended-range forecasting signals are given. The results show that: (a) In both flood and drought years, summer precipitation in southern China is controlled by 10–20 day oscillation (quasi-biweekly oscillation, QBWO); (b) LF convection is active in southern China in both flood and drought years, but the convective center is southward in flood years, and the vertical meridional circulation is stronger. The key circulation systems of 500 hPa LF height field in flood and drought years include LF “two ridges and one trough” and LF “+”, “−”, “+” East Asia Pacific (EAP) teleconnection wave train in mid-high latitudes of Eurasia. However, the “two ridges and one trough” in flood years are more westward and meridional than in drought years, and the LF Subtropical High is stronger and more extensive, with more significant westward extension; (c) In flood (drought) years, there is northerly and then westerly (central westerly) dry-cold, northeasterly wet-cold, southwesterly (none), and southeasterly (including southerly across the equator) wet-warm water vapor channels. The sources of dry and wet cold air in flood (drought) years are located near Novaya Zemlya (the eastern West Siberian Plain), the Yellow Sea, and the Bohai Sea (Sea of Japan). Additionally, the sources of wet-warm water vapor include the Arabian Sea, the Bay of Bengal, the western Pacific Ocean, and the sea area of northeastern Australia (the western Pacific Ocean and the northern sea area of Australia); and (d) The LF predictive signals of outgoing longwave radiation (OLR) appear on −11 days, while the signals of the 500 hPa height field are on −9 days. There are both westward and eastward propagation predictive signals in flood years, and only westward spread signals in drought years.