Precipitationis one of the most important variables in global water and energy cycle. It has been a hot and challenging topic to produce global precipitation products with high accuracy using satellite remote sensing techniques. Due to the insufficience of the achievements from the inversion,verification and application of the satellite remote sensing of precipitation in China at present,all kinds of the satellite-based precipitation sensors are reviewed herein,in which their characteristics and the relevant classicalgorithms for the inversion are described in detail,while the typical precipitation products including TMPA and IMERG are summarized and the assessments made on their effects in global and regional ranges are exhibited as well. Finally,the cases of the application of the satellite-based precipitation product to flood monitoring and forecasting are introduced along with the prospection made on the future development of the satellite-based precipitation product. In the past decades of years,the production and application of the satellite sensing-based precipitation product in the world are already maturely and stably developed, while the relevant studies are still continuously focused on the aspects of obtaining the precipitation product with much higher temporal- spatial resolution,applicability to complicated region,division of rainfall and snow phases. The study result is aimed at promoting the development of the relevant study field in China.