BeiDou Global Navigation Satellite System (BDS-3) provides a regional Precise Point Positioning (PPP) service, called PPP-B2b, for users in China and surrounding areas through B2b signal transmitted from its three geostationary earth orbit (GEO) satellites. The information broadcasted by the B2b signal include satellite orbit corrections, satellite clock offset corrections, and differential code bias (DCB) corrections of BDS-3 satellites. In this study, the accuracies of PPP-B2b corrections along with real-time PPP performance are comprehensively evaluated referenced to precise orbit and clock products from GFZ and the precise DCB products from CAS. The result indicates that the accuracy of the BDS-3 broadcast orbit is similar to that of the PPP-B2b real-time orbit. The PPP-B2b clock offset correction improved the satellite clock offset precision of the BDS-3 broadcast ephemeris. The Signal-in-Space Range Error (SISRE) of broadcast ephemeris and PPP-B2b are calculated, which are 0.536 and 1.24 m, respectively. The large SISRE value of PPP-B2b is caused by the satellite-specified systematic bias to IGS final products. The positioning performance evaluation of real-time PPP with B2b service is carried out and compared with the real-time product provided by Wuhan University (WHU) based on the eight IGS MGEX stations in China and surrounding countries. The positioning accuracy of static positioning mode with PPP-B2b service achieved centimeter-level accuracy in the selected station, and that of kinematic positioning mode achieved decimeter-level accuracy. The availability rate of PPP-B2b corrections in the surrounding area of China, however, degrades from 88.76% to 60.91% in the selected stations. The accuracy of the PPP solution using PPP-B2b correction is better than that of using WHU real-time product within China. The positioning performance of stations located at the boundary of the PPP-B2b service area, however, is affected by the number of PPP-B2b available satellites. The positioning accuracy in kinematic positioning mode is worse than that of using WHU real-time precise product.