HY-2C is the third satellite in China’s ocean dynamic environment satellite series, and carries a correction microwave radiometer (CMR) to correct the wet tropospheric path delay for the aligned radar altimeter. To effectively use the brightness temperatures (TB) of CMR to retrieve path delay, an on-orbit calibration effort is required. In this study, an antenna pattern correction (APC) method and a neural network method are used to perform an on-orbit calibration for CMR’s antenna temperatures and a model based on the Whale Optimization Algorithm (WOA), Levenberg–Marquardt (LM) algorithm, and Back-Propagation neural network (WOA–LM–BP) has been proposed to retrieve the wet tropospheric correction (WTC) of CMR. The on-orbit calibration results, compared with the simulated brightness temperatures calculated by the radiative transfer model (RTM), have shown that compared with the APC method, the neural network method can almost eliminate the latitude variation, and the total bias and standard deviation of the on-orbit calibrated TB at all channels have obviously decreased. The retrieved WTC results also have shown that the retrieved WTC of CMR has a good agreement with the corresponding ones from the model-derived WTC and Jason-3.