Precipitation plays an important role in cloud and aerosol processes over the Southern Ocean (SO). The main objective of this study is to characterize SO precipitation properties associated with SO stratocumulus clouds. We use data from the Southern Ocean Clouds Radiation Aerosol Transport Experimental Study (SOCRATES), and leverage observations from airborne radar, lidar, and in situ probes. We find that for the cold‐topped clouds (cloud‐top‐temperature <0°C), the phase of precipitation with reflectivity >0 dBZ is predominantly ice, while reflectivity < −10 dBZ is predominantly liquid. Liquid‐phase precipitation properties are retrieved where radar and lidar are zenith‐pointing. Power‐law relationships between reflectivity (Z) and rain rate (R) are developed, and the derived Z–R relationships show vertical dependence and sensitivity to the presence of droplets with diameters between 10 and 40 μm. Using derived Z–R relationships, a reflectivity‐velocity (ZV) retrieval method, and a radar‐lidar retrieval method, we derive rain rate and other precipitation properties. The retrieved rain rate from all three methods shows good agreement with in‐situ aircraft estimates, with rain rates typically being quite light (<0.1 mm hr−1). We examine the vertical distribution of precipitation properties, and find that rain rate, precipitation number concentration, and precipitation liquid water all decrease as one gets closer to the surface, while precipitation size and distribution width increases. We also examine how cloud base rain rate (RCB) depends on cloud depth (H) and aerosol concentration (Na) for particles with a diameter greater than 70 nm, and find that RCB is proportional to H3.1Na−0.8 ${H}^{3.1}\,{N}_{a}^{-0.8}$. Plain Language Summary: Precipitation plays an important role over the Southern Ocean (SO), such as transferring water from the atmosphere to the ocean, and affecting clouds and aerosols (tiny airborne particles). This study aims to characterize SO precipitation properties using aircraft data that can count the number and size of cloud and precipitation droplets, as well as lidar and radar that measure light and microwaves respectively reflected by droplets. Using information from lidar, we can distinguish the precipitation phase, and we find that ice precipitation is more frequent when the amount of reflected energy measured by the radar (radar reflectivity) is larger than a certain threshold. We derived relationships between rain rate and radar reflectivity. We also find the precipitation properties inferred from radar and lidar data compare well with direct measurements from the aircraft, and the precipitation tends to be very light. We study how precipitation properties vary vertically, and find that as one gets closer to the surface, there is a decrease in precipitation droplet number and water, while there is an increase in the average size of droplets. We also find that rain rate depends on how thick the clouds are and the number of aerosols, consistent with theoretical expectations. Key Points: Liquid‐phase precipitation retrievals show good agreement with in situ observations and feature the prevalence of light rainReflectivity to rain rate relationships are developed, showing vertical dependence and sensitivity to the intermediate‐sized dropsThe below‐cloud precipitation phase with radar reflectivity >0 dBZ is mostly ice, while radar reflectivity <−10 dBZ is mostly liquid [ABSTRACT FROM AUTHOR]