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Global reanalysis precipitation products could provide valuable meteorological information for flow forecasting in poorly gauged areas, helping to overcome a long-standing challenge in the field. But not all data sources are suitable for all regions or perform the same way in hydrological modeling, so it is essential to test the suitability of precipitation products before applying them. In this study, five widely used global high-resolution precipitation products-Asian Precipitation Highly Resolved Observational Data Integration Towards Evaluation of Water Resources (APHRODITE), National Centers for Environmental Prediction Climate Forecast System Reanalysis (NCEP-CFSR), Climate Hazards Group InfraRed Precipitation with Station Data (CHIRPS), China Gauge-based Daily Precipitation Analysis developed by China Meteorological Administration (CMA) and Agricultural Model Intercomparison and Improvement Project based on the NASA Modern-Era Retrospective Analysis for Research and Applications (AgMERRA)-were evaluated using statistical methods and a hydrological approach for their suitability for the Lancang River Basin. The results indicated that APHRODITE, CMA, AgMERRA and CHIRPS were more accurate precipitation indicators than NCEP-CFSR in terms of the multiyear average and seasonal spatial distribution pattern, all of the CHIRPS, AgMERRA and APHRODITE perform better than CMA and NCEP-CFSR at the small, medium and high precipitation intensities ranges in subbasin11 and sunbabsin46. All five products performed better in subbasin46 (a low-altitude region) than in subbasin11 (a high-altitude region) on the daily and monthly scales. In addition to NCEP-CFSR, the other four products all presented encouraging potential for streamflow simulation at daily (Yunjinghong) and monthly (Yunjinghong, Jiuzhou and Gajiu) scale. Hydrological simulations forced with APHRODITE were the best of the five for the Yunjinghong station in capturing daily and monthly measured streamflow. Except for NCEP-CFSR, all products were very good for hydrological simulations for the Gajiu and Jiuzhou stations.