Precipitation estimation over the Tibetan Plateau is a critical but challenging task due to sparse gauges and high altitudes. Traditional statistic methods are often insufficient to characterize the nonlinear relationship between different precipitation information, while machine learning techniques, particularly deep learning algorithms, offer a novel and powerful approach to improve the merging accuracy of multi‐source precipitation data by efficiently capturing their spatiotemporal dynamics features. This study introduced a novel strategy called Double Machine Learning (DML), which integrates meteorological information, satellite retrievals, and reanalysis data to produce a high‐precision multi‐source merging precipitation product at 0.1° × 0.1°, daily resolution for the Tibetan Plateau. The quantitative evaluation of DML was accomplished using both auto‐meteorological gauges and independent observations. Statistical scores indicate that the new DML‐based merging product apparently outperforms three widely‐used precipitation datasets (IMERG‐Final, GSMaP‐Gauge and ERA5) over the Tibetan Plateau. The proposed DML strategy effectively integrates the advantages of traditional machine learning and deep learning, significantly enhancing the algorithmic robustness and merging accuracy, particularly at medium‐high rain rates in summer. Furthermore, the contributions of multi‐source inputs to the final merging effect was systematically analyzed. It is found that meteorological information, as an auxiliary variable in DML, plays a crucial role in identifying rainy events and adjusting the bias of precipitation estimates, especially over those ungauged regions. This study affirms the call for improving the multi‐source precipitation estimates by combining different machine learning approaches. The new merging precipitation product reported here is recommended for hydrometeorological users of the Tibetan Plateau science community.