The Tropical Rainfall Measuring Mission (TRMM) Multi-satellite Precipitation Analysis (TMPA) is intended to provide a “best” estimate of quasi-global precipitation from the wide variety of modern satellite-borne precipitation-related sensors. Estimates are provided at relatively fine scales (0.25° × 0.25°, 3-h) in both real and post-real time to accommodate a wide range of researchers. However, the errors inherent in the finest scale estimates are large. The most successful use of the TMPA data is when the analysis takes advantage of the fine-scale data to create time/space averages appropriate to the user’s application. We review the conceptual basis for the TMPA, summarize the processing sequence, and focus on two new activities. First, a recent upgrade for the real-time version incorporates several additional satellite data sources and employs monthly climatological adjustments to approximate the bias characteristics of the research quality post-real-time product. Second, an upgrade for the research quality post-real-time TMPA from Versions 6 to 7 (in beta test at press time) is designed to provide a variety of improvements that increase the list of input data sets and correct several issues. Future enhancements for the TMPA will include improved error estimation, extension to higher latitudes, and a shift to a Lagrangian time interpolation scheme.