Precise point positioning (PPP) is used in many fields. However, pseudorange multipath delay is an important error that restricts its accuracy. Pseudorange multipath delay can be considered as the combination of effective information and observation noise; it can be modeled after removing the observation noise. In this work, elastic nets (EN) regularization denoising method is proposed and compared with L2-norm regularization denoising method. Then, quadratic polynomial (QP) model plus autoregressive (AR) model (QP + AR) are used to model the denoised pseudorange multipath delays. Finally, the modeling results are corrected to the observations to verify the improvement of BDS-3 single-frequency PPP accuracy. Three single-frequency PPP schemes are designed to verify the effectiveness of denoising method and QP + AR model. The experimental results show that the accuracy improvement of B3I and B2a is more obvious than that of B1I and B1C when the modeling values are corrected to the pseudorange observations. The improvement of B3I and B2a in the east (E) and up (U) directions can reach 10.6%∼34.4% and 5.9%∼65.7%, and the improvement of the north (N) direction is mostly less than 10.0%. The accuracy of B1I and B1C in E and U directions can be improved by 0%∼30.7% and 0.4%∼28.6%, respectively, while the accuracy of N direction can be improved slightly or even decreased. Using EN regularization denoising and QP + AR model correction, single-frequency PPP performs better at B3I and B2a, while L2-norm regularization denoising and QP + AR model correction perform better at B1I and B1C. The accuracy improvement of B2a and B3I is more obvious than that of B1I and B1C. The convergence time after MP correction of each frequency is slightly shorter. Overall, the proposed pseudorange multipath delays processing strategy is beneficial in improving the single-frequency PPP of BDS-3 satellite.