Nowadays, the Global Navigation Satellite Systems (GNSS) have become an effective atmospheric observing technique to remotely sense precipitable water vapor (PWV) mainly due to their high spatiotemporal resolutions. In this study, from an investigation for the relationship between GNSS-derived PWV (GNSS-PWV) and heavy precipitation, it was found that from several hours before heavy precipitation, PWV was probably to start with a noticeable increase followed by a steep drop. Based on this finding, a new model including five predictors for heavy precipitation prediction is proposed. Compared with the existing 3-factor model that uses three predictors derived from the ascending trend of PWV time series (i.e., PWV value, PWV increment and rate of the PWV increment), the new model also includes two new predictors derived from the descending trend: PWV decrement and rate of PWV decrement. The use of the two new predictors for reducing the number of misdiagnosis predictions is proposed for the first time. The optimal set of monthly thresholds for the new five-predictor model in each summer month were determined based on hourly GNSS-PWV time series and precipitation records at three co-located GNSS/weather stations during the 8-year period 2010–2017 in the Hong Kong region. The new model was tested using hourly GNSS-PWV and precipitation records obtained at the above three co-located stations during the summer months in 2018 and 2019. Results showed that 189 of the 198 heavy precipitation events were correctly predicted with a lead time of 5.15 h, and the probability of detection reached 95.5%. Compared with the 3-factor method, the new model reduced the FAR score by 32.9%. The improvements made by the new model have great significance for early detection and predictions of heavy precipitation in near real-time.