Firstly, the new combined error model of cumulative geoid height influenced by four error sources, including the inter-satellite range-rate of an interferometric laser (K-band) ranging system, the orbital position and velocity of a global positioning system (GPS) receiver and non-conservative force of an accelerometer, is established from the perspectives of the power spectrum principle in physics using the semi-analytical approach. Secondly, the accuracy of the global gravitational field is accurately and rapidly estimated based on the combined error model; the cumulative geoid height error is 1.985× 10^-1 m at degree 120 based on GRACE Level 1B measured observation errors of the year 2007 published by the US Jet Propulsion Laboratory (JPL), and the cumulative geoid height error is 5.825 × 10^-2 m at degree 360 using GRACE Follow-On orbital altitude 250 km and inter-satellite range 50 km. The matching relationship of accuracy indexes from GRACE Follow-On key payloads is brought forward, and the dependability of the combined error model is validated. Finally, the feasibility of high-accuracy and high-resolution global gravitational field estimation from GRACE Follow-On is demonstrated based on different satellite orbital altitudes.