Continuous Global Positioning Systems (GPS) coordinate time series with a high spatiotemporal resolution, and provide a great opportunity to study their noise models and common mode errors (CMEs), thus making it possible to detect and analyse spatiotemporal characteristics of tectonic and non-tectonic signals in time series, and further to estimate a reliable and accurate velocity field of crustal movement in a region by removing CMEs and using the optimal noise model. In this paper, we used GPS coordinate time series from the Crustal Movement Observation Network of China (CMONOC) with an approximate decadal period from 2010 to 2020, to construct optimal noise models by fitting them with several noise combinations according to the Akaike information criterion (AIC). We further adopted independent component analysis (ICA) to extract CMEs and analysed their spatiotemporal characteristics, and then evaluated their effects on noise models and velocity uncertainties, and finally estimated a decennial velocity field of crustal movement with a higher signal-to-noise ratio (SNR) by applying the CME filtering and considering the optimal noise model in Mainland China. Our results show that optimal noise models are dominated by white noise (WN) plus flicker noise (FN) for both east and north components, and WN plus power law noise (PN) with spectral index close to −1 for up component, respectively. ICA filtering can remove the highly spatially correlated CMEs and decrease the mean RMSEs of the residual time series by about 40–60%, providing a more accurate velocity field with a higher SNR in Mainland China, accordingly.