This study developed a daily, 500 m evapotranspiration and gross primary production product (PML-V2(China)) using a locally calibrated water–carbon coupled model, PML-V2, which was well calibrated against observations at 26 flux sites across nine land cover types. PML-V2 (China) performs satisfactorily in the plot- and basin-scale evaluations compared with other mainstream products. It improved intra-annual ET and GPP dynamics, particularly in the cropland ecosystem.