This study employed version 4.2.2 of the Weather Research and Forecasting (WRF) model for this simulation and applied two microphysics schemes, the Thompson scheme (THOM) and Milbrandt–Yau scheme (MY)—which are widely used in convective simulations—to simulate a mesoscale severe convective precipitation event that occurred in southeastern China on 8 May 2017. The simulations were then compared with dual-polarization radar observations using a radar simulator. It was found that THOM produced vertical structures of radar reflectivity (ZH) closer to radar observations and accumulated precipitation more consistent with ground-based observations. However, both schemes overestimated specific differential phase (KDP) and differential reflectivity (ZDR) below the 0 °C level. Further analysis indicated that THOM produced more rain with larger raindrop sizes below the 0 °C level. Due to the close connection between raindrop breakup, evaporation rate, and raindrop size, sensitivity experiments on the breakup threshold (Db) and the evaporation efficiency (EE) of the THOM scheme were carried out. It was found that adjusting Db significantly changed the simulated raindrop size distribution and had a certain impact on the strength of cold pool; whereas modifying EE not only significantly changed the intensity and scope of the cold pool, but also had great effect on the raindrop size distribution. At the same time, comparison with dual-polarization radar observations indicated that reducing the Db can improve the model’s simulation of polarimetric radar variables such as ZDR. This paper specifically analyzes a severe convective precipitation event in the Guangdong region under weak synoptic conditions and a humid climate. It demonstrates the feasibility of a method based on polarimetric radar data that modifies Db of THOM to achieve better consistency between simulations and observations in southeast China. Since the microphysical processes of different Mesoscale Convective Systems (MCSs) vary, the generalizability of this study needs to be validated through more cases and regions in the future.