This study assesses the performance of the latest version 05B (V5B) Integrated Multi-Satellite Retrievals for Global Precipitation Measurement (GPM) (IMERG) Early and Final Runs over southern China during six extremely heavy precipitation events brought by six powerful typhoons from 2016 to 2017. Observations from a dense network composed of 2449 rain gauges are used as reference to quantify the performance in terms of spatiotemporal variability, probability distribution of precipitation rates, contingency scores, and bias analysis. The results show that: (1) both IMERG with gauge calibration (IMERG_Cal) and without gauge correction (IMERG_Uncal) generally capture the spatial patterns of storm-accumulated precipitation with moderate to high correlation coefficients (CCs) of 0.57–0.87, and relative bias (RB) varying from −17.21% to 30.58%; (2) IMERG_Uncal and IMERG_Cal capture well the area-average hourly series of precipitation over rainfall centers with high CCs ranging from 0.78 to 0.94; (3) IMERG_Cal tends to underestimate precipitation especially the rainfall over the rainfall centers when compared to IMERG_Uncal. The IMERG Final Run shows promising potentials in typhoon-related extreme precipitation storm applications. This study is expected to give useful feedbacks about the latest V5B Final Run IMERG product to both algorithm developers and the scientific end users, providing a better understanding of how well the V5B IMERG products capture the typhoon extreme precipitation events over southern China.