Microwave signals can be generated by beating the two orthogonal polarization modes from a dual-frequency fiber grating laser. In this paper, we present that the phase noise of the microwave signal can be significantly reduced via optical feedback by cascading an external cavity. This is achieved as a result of the bandwidth narrowing of each polarization laser mode when introducing phase-matched feedbacks into the laser cavity. By optimizing the external cavity length and the feedback ratio, the noise level over low frequencies has been reduced by up to 30 dB, from -42 to -72 dBc/Hz at 1 kHz, and from -72 to -102 dBc/Hz at 10 kHz. Meanwhile the relaxation resonant peaks can be eliminated. Compared with the existing techniques, the present method can offer a cost-effective, low-noise microwave signal, without the requirement for complex electrical feedback system.