Satellite and reanalysis precipitation estimates of high quality are widely used for hydrological modeling, especially in ungauged or data-scarce regions. To improve flood simulations by merging different precipitation inputs or directly merging streamflow outputs, this study comprehensively evaluates the accuracy and hydrological utility of nine corrected and uncorrected precipitation products (TMPA-3B42V7, TMPA-3B42RT, IMERG-cal, IMERG-uncal, ERA5, ERA-Interim, GSMaP, GSMaP-RNL, and PERSIANN-CCS) from 2006 to 2018 on a daily timescale using the Coupled Routing and Excess Storage (CREST) hydrological model in two flood-prone tributaries, the Beijiang and Dongjiang Rivers, of the Pearl River Basin, China. The results indicate that (1) all the corrected precipitation products had better performance (higher CC, CSI, KGE’, and NSCE values) than the uncorrected ones, particularly in the Beijiang River, which has a larger drainage area; (2) after re-calibration under Scenario II, the two daily merged precipitation products (NSCE values: 0.73–0.87 and 0.69–0.82 over the Beijiang and Dongjiang Rivers, respectively) outperformed their original members for hydrological modeling in terms of BIAS and RMSE values; (3) in Scenario III, four evaluation metrics illustrated that merging multi-source streamflow simulations achieved better performance in streamflow simulation than merging multi-source precipitation products; and (4) under increasing flood levels, almost all the performances of streamflow simulations were reduced, and the two merging schemes had a similar performance. These findings will provide valuable information for improving flood simulations and will also be useful for further hydrometeorological applications of remote sensing data.