Satellite precipitation estimation provides crucial information for those places lacking rainfall observations from ground–based sensors, especially in terrestrial or marine areas with complex climatic or topographic conditions. This is the case over much of Western China, including Upper and Middle Lancang River Basin (UMLRB), an extremely important transnational river system in Asia (the Lancang–Mekong River Basin) with complex climate and topography that has limited long–term precipitation records and high–elevation data, and no operational weather radars. In this study, we evaluated three GPM IMERG satellite precipitation estimation (IMERG E, IMERG L and IMERG F) over UMLRB in terms of multi–year average precipitation distribution, amplitude consistency, occurrence consistency, and elevation–dependence in both dry and wet seasons. Results demonstrated that monsoon and solid precipitation mainly affected amplitude consistency of precipitation, aerosol affected occurrence consistency of precipitation, and topography and wind–induced errors affected elevation dependence. The amplitude and occurrence consistency of precipitation were best in wet seasons in the Climate Transition Zone and worst in dry seasons in the same zone. Regardless of the elevation–dependence of amplitude or occurrence in dry and wet seasons, the dry season in the Alpine Canyon Area was most positively dependent and most significant. More significant elevation–dependence was correlated with worse IMERG performance. The Local Weighted Regression (LOWERG) model showed a nonlinear relationship between precipitation and elevation in both seasons. The amplitude consistency and occurrence consistency of both seasons worsened with increasing precipitation intensity and was worst for extreme precipitation cases. IMERG F had great potential for application to hydroclimatic research and water resources assessment in the study area. Further research should assess how the dependence of IMERG’s spatial performance on climate and topography could guide improvements in global precipitation assessment algorithms and the study of mountain landslides, floods, and other natural disasters during the monsoon period.