The first preliminary results for the HY-2 altimeter calibration have shown that the initial cycles, up to No. 51, display an erratic behavior. After those cycles, the altimeter range bias values seem to be stable and reach a value of B = −45.6 cm ± 4.4 cm, when applying the net instrument corrections as provided in the GDR. If the relativistic effects of the satellite clocks are properly applied for the net instrument corrections, then the altimeter range bias goes down to B = −27 cm ± 3 cm. Also, preliminary cross-over analysis with the SARAL/AliKa and Jason-2 satellites show a bias of B = −23 cm, and B = −28.5 cm, respectively. The performance of the HY-2 on-board radiometer has also been examined in terms of the wet troposphere corrections and shows a mean difference of −1 cm ± 0.1 cm with respect to in-situ GNSS-derived corrections. Finally, the ionosphere path corrections of the HY-2 satellite show a difference of +1 cm ± 1.1 cm, when compared against the GNSS-derived ionosphere values.