In order to analyze the influence of mass loading (atmospheric loading (ATML), hydrological loading (HYDL), non-tidal ocean loading (NTOL)) on estimating ocean tide loading displacement (OTLD) parameters by GNSS, the kinematic precise point positioning (PPP) technique is used to process the GNSS data in Hong Kong to obtain coordinate time series. The three-dimensional OTLD parameters of eight principal constituents (M2, S2, N2, K2, K1, O1, P1, Q1) are estimated using harmonic analysis method from the coordinate time series with/without mass loading correction and random noise reduction. The GNSS-derived OTLD parameters are compared with the FES2014 and NAO.99b. The results show that GNSS/model agreement is generally at the sub-millimeter level (excluding S2, K1). After mass loading is corrected, the residual between OTLD parameter by GNSS and model of M2, S2, N2, P1, Q1 have been reduced more than 20%, while the accuracy improvement of other tidal constituents is not obvious. The influence of different mass loading on estimation of OTLD parameters is analyzed. Compared with ocean tide model, RMS misfit decreased by 7.52%, 7.76%, and 7.58% in North (N), East (E), and Up (U) with ATML correction, respectively. The accuracy is improved little in vertical direction and decreases slightly in horizontal direction with NTOL correction. The HYDL correction has little effect on OTLD estimation. After the random noise reduction, the accuracy of the estimation of OTLD parameters has been significantly improved, and the improvement of the accuracy of the semi-diurnal constituents is significantly greater than those of the diurnal constituents.