Tropical Rainfall Measurement Mission (TRMM) is one of the most popular global high resolution satellite-based precipitation products with a goal of measuring precipitation over the oceans and tropics. However, in recent years, the TRMM mission has come to an end. Its successor, Global Precipitation Measurement (GPM) mission was launched to measure the earth's precipitation structure, with an aim to improve upon the TRMM project. Both of the precipitation products have their own strengths and weaknesses in resolution, accuracy, and availability. The aim of this study is to evaluate the hydrologic utilization of the TRMM and GPM products in a humid basin of China. The main findings of this study can be summarized as follows: (1) 3B42V7 generally outperforms 3B42V6 in terms of hydrologic performance. Meanwhile, 3B42RTV7 significantly outperforms 3B42RTV6, and showed close performance with the bias-adjusted TRMM Multi-satellite Precipitation Analysis (TMPA) products. (2) The GPM showed better agreement with gauge observation than the TMPA products with lower RB and higher correlation coefficient (CC) values at different time scales. (3) The VIC hydrological model generally outperformed the XAJ hydrological model with lower RB, higher Nash–Sutcliffe Coefficient of Efficiency (NSCE) and CC values; though the 3B42RTV6 and 3B42RTV7 showed higher CC values in simulating the streamflow hydrograph by using the VIC and XAJ hydrological models. It can be found that the conceptual hydrological model was enough for the hydrologic evaluation of TRMM and GPM IMERG satellite-based precipitation in a humid basin of China. This study provides a reference for the comparison of multiple models on watershed scale.