Satellite-based rainfall products have extensive applications in global change studies, but they are known to contain deviations that require comprehensive verification at different scales. In this paper, we evaluated the accuracies of two high-resolution satellite-based rainfall products: the Tropical Rainfall Measurement Mission (TRMM) rainfall product 3B42V7 and the Climate Prediction Center morphing (CMORPH) technique from January 2010 to December 2011 in Shanghai, by using categorical metrics (Probability of Detection, False Alarm Ratio, and Critical Success Index) and statistical indicators (Mean Absolute Error, Root Mean Square Error, Relative Bias, and Correlation Coefficient). Our findings show that, firstly, CMORPH data has a higher accuracy than 3B42V7 at the daily scale, but it underestimates the occurrence frequency of daily rainfall for some intensity ranges. Most errors of the two products are distributed between −10 and 10 mm/day. Second, at the monthly scale, the total accuracy of 3B42V7 is higher than CMORPH in terms of the value of the Correlation Coefficient (CC) and Relative Bias (RB). Finally, CMORPH brings about daily rainfall detection results from categorical metrics computation better than 3B42V7. Generally, the two satellite-based rainfall products show a high correlation with rain gauge data in Shanghai, particularly in spring and winter. Unfortunately, in summer, both of them do not perform well in detecting the short-duration heavy rainfall events. Overall, the relatively poor data accuracy has limited their further applications in Shanghai and similar urban areas.