Currently, there are two main methods for single-epoch decimeter-level precise point positioning (PPP); one is a model based on ambiguity-fixed ionosphere-free (AFIF) observations, and the other is based on uncombined (UC) PPP. The implementation of these two models requires both extra-wide-lane (EWL) and wide-lane (WL) ambiguity fixing. Different from the existing methods, this paper proposes a multi-frequency ionosphere-reduced (IR) PPP model suitable for single-epoch decimeter-level positioning. Based on Galileo five-frequency data, the optimal selection strategy of IR combinations is first studied with ionosphere, noise level and wavelength factors considered. Then, based on the selected IR combination, two IR PPP models, namely IR(EST) and IR(IGN), are established according to whether ionosphere parameters are estimated or ignored. Finally, the proposed models are verified with real tracked data from globally distributed stations, and further compared with the existing AFIF/UC models in terms of positioning performance and time consumption. The relationship between the ionosphere equivalent ranging error and satellite elevation in the IR models is analyzed. The lower the elevation is, the larger the residual ranging error is, and its impact on positioning is weakened by downweighting its observations and adjusting the cut-off elevation during the partial ambiguity fixing (PAF) process. The results show that the performance of the two IR models is basically the same, and both can achieve horizontal and vertical accuracies better than 20 cm and 40 cm, respectively. Compared with the existing AFIF/UC models, the proposed IR models can achieve similar decimeter-level accuracy with only one step of EWL ambiguity fixing, and at the same time, the IR models have varying degrees of improvement in time consumption: 38% shorter than the AFIF model and 97% shorter than the UC model.