The observed data of surficial precipitation stations were used as benchmark data, the Hulan River Basin of the alpine region was used as typical study area, the precision of the new generation satellite rainfall products TRMM（the tropical rainfall measuring mission） 3B42V7, 3B42RT and CHIRPS （Climate hazards group infrared precipitation with station data）, IDWP precipitation data based on IDW（inverse distance weighted）were evaluated in day, month, quarter and spatial scales. The precipitation stations and satellite data were used to drive SWAT model, the SUFI-2 algorithm was used to calculate the model and sensitivity of parameters, simulate the daily flow process, and evaluate the application ability of multi satellite precipitation in watershed hydrological simulation and prediction. The research results showed that in the average watershed scale, the amount of 3B42V7, 3B42RT and CHIP over ground rainfall were 5.43%, 41.24% and 3.37%, 3B42V7 was very close to the ground precipitation in monthly, quarterly time scales. The cumulative probability distribution of daily precipitation intensity of 3B42RT was close to the surficial precipitation. The simulated results of 3B42V7 and CHIP were both very well in the rate of calibrated and validated period of the daily flow simulation results, NSCE was 0.77 and 0.84 in calibrated period, in the verification period it was 0.67 and 0.56, respectively. 3B42RT for the peak simulation of the flow was poor. The change of water quantity of CHIP was close to that of rainfall station, and the groundwater quantity of 3B42RT into the river was smaller than that of others, but the runoff depth and soil water content were larger. TRMM 3B42V7 and CHIRPS can be used as a basic application of precipitation data in cold regions for water resources management, drought monitoring and flood forecast research in ungauged and data-deficiency region. The next step would be to study the correction method of satellite precipitation data for cold region which would provide more reliable data for the future application of satellite precipitation data to carry out related research in the cold region.