Multi- system and multi-frequency are two key factors that determine the performance of precise point positioning. Both multi-frequency and multi-system lead to new biases, which are not solved systematically. This paper concentrates on mathematical models of biases, influences of these biases, and positioning performance analysis of different observation models. The biases comprise the inter-frequency clock bias in multi-frequency and the inter-system clock bias in multi-system. The former is the residual differential code biases (DCBs) from receiver clock and satellite clock and usually occurs at the third frequency, the latter is the deviation of the receiver clock errors in different systems. Unified mathematical models of the biases are presented by analyzing the general formula of observation equations. The influences of these biases are validated by experiments with corresponding observation models. Subsequently, the experiments, which are based on the data at five globally distributed stations in Multi-Global Navigation Satellite System (GNSS) Experiment (MGEX) on day of year 100, 2018, assess positioning performance of different observation models with combination of frequencies (dual-frequency or triple- frequency) and systems (BeiDou Navigation Satellite System (BDS) or Global Positioning System (GPS)). The results show that the performances of triple-frequency models are almost as the same level as the dual-frequency models. They provide scientific support for the triple-frequency ambiguity-fixed solution which has a better convergence characteristic than dual-frequency ambiguity-fixed solution. Furthermore, the biases are expressed as an unified form that gives an important and valuable reference for future research on multi-frequency and multi-system precise point positioning.