Precipitable water vapor (PWV) is an important component of atmospheric spatial parameters and plays a vital role in meteorological studies. In this study, PWV retrieval by real-time precise point positioning (PPP) technique is validated by using global navigation satellite system (GNSS) observations and four real-time products from different analysis centers, which are Centre National d’Etudes Spatiales (CNES), Internation GNSS Service (IGS), Japan Aerospace Exploration Agency (JAXA), and Wuhan University (WHU). To comparatively analyze the performance of each scenario, the single-system (GPS/Galileo/BDS3), and multi-system (GPS + Galileo + BDS) PPP techniques are applied for zenith tropospheric delay (ZTD) and PWV retrieval. Then, the ZTD and PWV are evaluated by comparison with the IGS final ZTD product, the European Centre for Medium-Range Weather Forecasts (ECMWF) Reanalysis v5 (ERA5) data, and radiosondes observations provided by the University of Wyoming. Experimental results demonstrate that the root mean squares error (RMS) of ZTD differences from multi-system solutions are below 11 mm with respect to the four-product series and the RMS of PWV differences are below 3.5 mm. As for single-system solution, the IGS real-time products lead to the worst accuracy compared with the other products. Besides the scenario of BDS3 observations with IGS real-time products, the RMS of ZTD differences from the GPS-only and Galileo-only solutions are all less than 15 mm compared to the four-product series, as well as the RMS of PWV differences is under 5 mm, which meets the accuracy requirement for GNSS atmosphere sounding.