To clarify the impact of moisture content and dry density on the strength of loess, the remolded loess samples with different moisture content and dry density were prepared, and the influence of moisture content and dry density on loess strength was explored from the macro level by direct shear test without suction control. On this basis, the mechanism of the influence of moisture content and dry density on loess strength was explored from the micro level by nuclear magnetic resonance method. The research results indicate that: In the case of low water content, there are peak points in the stress–strain curve of remolded loess, exhibiting strain softening characteristics. In the case of high water content, there is no obvious peak in the stress–strain curve, exhibiting strain hardening characteristics. Moisture has a significant impact on the shear strength of remolded loess. As the moisture content of the soil sample increases, the cohesion decreases significantly, and the change in internal friction angle is not obvious. As the moisture content continues to increase, the free water content continues to increase. Free water will continuously soften the soil particle structure, reduce the bonding force between soil particles, and cause the cohesion to decrease with the increase of moisture content. The change in dry density also has a significant impact on the shear strength parameters of remolded loess. As the dry density of the soil sample increases, the cohesion increases. The smaller the dry density, the larger the pore ratio, and the looser the contact between soil particles, weakening the bonding effect. The larger the pore ratio, the more bound water is converted to free water, and the strong bonding force between the water film and soil particles disappears. Both of these microscopic factors can lead to a decrease in cohesion with a decrease in dry density.