The current study investigates the variability of vertical structure of precipitation in the Huaihe River Basin (HRB) of China. The precipitation characteristics have been revealed by the long-term observations of vertical profile of reflectivity (VPR) from the first spaceborne precipitation radar (PR) onboard the National Aeronautics and Space Administration (NASA)’s Tropical Rainfall Measuring Mission (TRMM) satellite. This study has statistically analyzed the latest TRMM 2A-23 and 2A-25 products (version 7, released in 2012) with 15 years time span (from 11 December 1997 to 19 August 2012). First, the spatial and seasonal variations of storm height and freezing level have been investigated. The results show a climatological relation connecting the storm height with the rainfall rate in HRB. Second, mean VPRs have been studied for the stratiform and convective precipitation. The VPR variability has been analyzed for different seasons and rain intensities. Third, the characteristics of rain intensification and weakening in the vertical direction have been examined by the statistical analysis of VPR slope below the melting layer. The results show that the rainfall tends to be reduced (or intensified) with the height changing downward in the light (or moderate and heavy) precipitating clouds, no matter stratiform or convection. Finally, the S-band climatological VPRs have been characterized by converting the VPR from Ku-band to S-band. Considering the wide application of national radar network for weather surveillance in China, the developed S-band climatological VPRs can be potentially applied in a VPR correction scheme to improve the ground radar-based quantitative precipitation estimation (QPE) in this river basin.