The study of strongly frustrated magnetic systems has drawn great attentions from both theoretical and experimental physics. Efficient simulations of these models are essential for understanding their exotic properties. Here we present PEPS++, a novel computational paradigm for simulating frustrated magnetic systems and other strongly correlated quantum many-body systems. PEPS++ can accurately solve these models at the extreme scale with low cost and high scalability on modern heterogeneous supercomputers. We implement PEPS++ on Sunway TaihuLight based on a carefully designed tensor computation library for manipulating high-rank tensors and optimize it by invoking various high-performance matrix and tensor operations. By solving a 2D strongly frustrated$J_1$-$J_2$model with over ten million cores, PEPS++ demonstrates the capability of simulating strongly correlated quantum many-body problems at unprecedented scales with accuracy and time-to-solution far beyond the previous state of the art.