Reliable assessment of satellite-based precipitation estimation (SPE) and production of more accurate precipitation data by data fusion is typically challenging in sparsely gauged and ungauged areas. Triple collocation (TC) is a novel assessment approach that does not require gauge observations; it provides a feasible solution for this problem. This study comprehensively validates the TC performance for assessing SPEs and performs data fusion of multiple SPEs using the TC-based merging (TCM) approach. The study area is the Tibetan Plateau (TP), a typical area lacking gauge observations. Three widely used SPEs are used: the integrated multi-satellite retrievals for global precipitation measurement (IMERG) “early run” product (IMERG-E), the precipitation estimation from remotely sensed information using artificial neural networks (PERSIANN) dynamic infrared (PDIR), and the Climate Prediction Center (CPC) morphing technique (CMORPH). Validation of the TC assessment approach shows that TC can effectively assess the SPEs’ accuracy, derive the spatial accuracy pattern of the SPEs, and reveal the accuracy ranking of the SPEs. TC can also detect the SPEs’ accuracy patterns, which are difficult to obtain from a traditional approach. The data fusion results of the SPEs show that TCM incorporates the regional advantages of the individual SPEs, providing more accurate precipitation data than the original SPEs, revealing that data fusion is reasonable and reliable in ungauged areas. In general, the TC approach performs well for the assessment and data fusion of SPEs, showing reasonable applicability in the TP and other areas lacking gauge data than other methods because it does not rely on gauge observations.