The high-frequency mass variations of the atmosphere and oceans have significant impacts on the inversion of time-variable Earth gravity fields using GRACE. This paper comprehensively compares and analyzes the atmospheric and oceanic components, as well as their combination, of the AOD1B RL06 and RL07 products released by GFZ using methods including spectral domain analysis, comparison of low-order terms, spatial analysis, principal component analysis, and inversion of time-variable gravity field models. The results show that the differences between the two sets of products in the spectral domain are relatively small, with the main differences being reflected in the oceanic component. However, the comparison results in the spatial domain indicate significant differences in the equivalent water heights of the oceanic component, reaching the decimeter level. The differences between the 60th order time-variable gravity field models inverted based on RL06 and RL07 are relatively small, with differences in the spectral domain mainly concentrated in medium to high orders. The RMS differences of the KBRR residuals after validation for both sets of time-variable models are less than 3.912 nm/s (correlation coefficient: 0.999). However, the KBRR residuals computed based on RL07 products are generally smaller, demonstrating the slight advantage of RL07 in the inversion of time-variable Earth gravity field models.