Soil moisture is the most active part of the terrestrial water cycle, and it is a key variable that affects hydrological, bio-ecological, and bio-geochemical processes. Microwave remote sensing is an effective means of monitoring soil moisture, but the existing conventional radiometers and single-station radars cannot meet the scientific needs in terms of temporal and spatial resolution. The emergence of GNSS-R (Global Navigation Satellite Systems Reflectometry) technology provides an alternative method with high temporal and spatial resolution. An important application field of GNSS-R is soil moisture monitoring, but it is still in the initial stage of research, and there are many uncertainties and open issues. Based on a review of the current state-of-the-art of soil moisture retrieval using GNSS-R, this paper points out the limitations of existing research in observation geometry, polarization, and coherent and non-coherent scattering. The smooth surface reflectivity model, the random rough surface scattering model, and the first-order radiation transfer equation model of the vegetation, which are in the form of bistatic and full polarization, are employed. Simulations and analyses of polarization, observation geometry (scattering zenith angle and scattering azimuth angle), Brewster angle, coherent and non-coherent component, surface roughness, and vegetation effects are carried out. The influence of the EIRP (Effective Isotropic Radiated Power) and the RFI (Radio Frequency Interference) on soil moisture retrieval is briefly discussed. Several important development directions for space-borne GNSS-R soil moisture retrieval are pointed out in detail based on the microwave scattering model.