Precipitation products play an important role in monitoring rainstorm processes. This study takes a rare historical event of extreme, heavy precipitation that occurred in Henan Province, China, in July 2021 as a research case. By analyzing the distribution of the spatial and temporal characteristics of precipitation errors, using a probability density function of the occurrence of precipitation and the daily variation pattern, we assess the capability of a radar precipitation estimation product (RADAR), satellite precipitation products (IMERG and GSMAP), a reanalysis product (ERA5) and a precipitation fusion product (the CMPAS) to monitor an extreme rainstorm in the Henan region. The CMPAS has the best fit with the gauge observations in terms of the precipitation area, precipitation maximum and the evolution of the whole process, with a low spatial variability of errors. However, the CMPAS slightly underestimated the precipitation extremum at the peak moment (06:00–08:00). The RADAR product was prone to a spurious overestimation of the originally small rainfall, especially during peak precipitation times, with deviations concentrated in the core precipitation area. The IMERG, GSMAP and ERA5 products have similar performances, all of which failed to effectively capture heavy precipitation in excess of 60 mm/h, with negative deviations in precipitation at mountainfront locations west of northern Henan Province. There is still a need for terrain-specific error revisions for areas with large topographic relief. By merging and processing precipitation data from multiple sources, the accuracy of the CMPAS is better than any single-source precipitation product. The CMPAS has the characteristic advantage of high spatial and temporal resolutions (0.01° × 0.01°/1 h), which play a positive role in precipitation dynamic monitoring, providing early warnings of heavy rainfall processes and hydrological application research.