The evaluation of gridded high-resolution precipitation products (HRPPs) is important in areas with complex topography, because rain gauges that are unevenly and sparsely distributed over an area cannot effectively reflect the spatial variabilities of the precipitation and related extremes in detail. In this study, the applicability of six satellite-based precipitation products (TMPA 3B42V7, IMERG, GSMaP-Gauge, CMORPH-CRT, PERSIANN-CDR, and GPCP) and five gauge-based precipitation products (APHRODITE, CN05.1, GPCC-D, GPCC-M, and CRU) over southwest China from 1998 to 2016 is evaluated by performing a comparison with meteorological station observations. The results show that GPCC-M exhibits the best performances for annual, seasonal, and monthly precipitation, which is supported by the lowest root-mean-square errors (RMSEs) for annual and seasonal precipitation and the lowest normalized root-mean-square error (NRMSE) for monthly precipitation. According to the NRMSE and critical success index (CSI), CN05.1 outperforms the other HRPPs at detecting daily precipitation; however, CN05.1 tends to overestimate the frequencies of light precipitation and underestimate the frequencies of heavy precipitation, which is reflected by the probability density function (PDF) for daily precipitation. The bias ratio (BIAS) and extreme precipitation indices show that IMERG shows numerous advantages over the other HRPPs in detecting extreme precipitation and estimating the precipitation intensity. Such results are helpful for future research on precipitation/extremes and related hydrometeorological disasters that occur throughout southwest China.