Meteorological drought, one of the most frequent climate-related disasters, causes great danger for human health and socioeconomic development. With an aim to improve the accuracy of meteorological drought monitoring, this study collected multi-source remotely-sensed precipitation products, i.e., the Tropical Rainfall Measuring Mission (TRMM), the Global Precipitation Measurement Mission (GPM), and Climate Hazards Group InfraRed Precipitation with Station data (CHIRPS), and compared their performance over Hubei Province, China. The geographic difference analysis was used to blend the best-fitted product with gauged precipitation data. Based on the fused dataset with verification, the spatio-temporal characteristics of drought were investigated. Results showed that GPM performed the best in precipitation numerical evaluation and event detection with a 5 mm/d threshold. The fused data accurately captured 80% of historical drought events and indicated that extreme annual droughts mainly occurred in the northern and northwestern regions, while slight, moderate, and severe droughts mainly occurred in the central and eastern parts. The short-term drought exhibited the highest frequency of 33% in summer and the lowest frequency of 27% in spring, while the medium-term drought showed a higher frequency in autumn and winter. This could be a preliminary assessment of drought based on multi-source fused precipitation data for precise drought outlook and risk management. © 2022 by the authors. Licensee MDPI, Basel, Switzerland.