Based on the gravimetric-technique-measured soil relative wetness and the observed soil characteristic parameters from 1992 to 2013 in China, this study derives a user-convenient monthly volumetric soil moisture (SM) dataset from 732 stations for five soil layers (10, 20, 50, 70, and 100 cm). The temporal–spatial variations in SM and its relationship with precipitation (Pr) in different subregions are then explored. The magnitude of SM is relatively large in south China and is low in northwest China, and it generally increases with soil depth in each region. The maximum SM appears in spring and/or autumn and the minimum in summer, and the SM seasonality does not vary as distinctly as that of Pr. For the top three soil layers (10-, 20-, and 50-cm levels), the linear trend analysis indicates an overall increasing SM tendency, and the mean trends (averaged across stations with trends passing a 95% significance level test) are 9.35 × 10−7, 7.37 × 10−3, and 2.45 × 10−3 cm3 cm−3 yr−1, respectively. SM memory depends on the soil depth and regions, and it has longer retention time in the deeper layers. Furthermore, the correlation between SM and antecedent Pr varies with soil depth and lag time. The antecedent Pr anomaly (1 or 2 months in advance) can be used to some extent as a surrogate SM anomaly in most regions except for in arid regions. This result is further demonstrated by the relationships between the SM anomaly and the standardized precipitation index. The current SM dataset can be used in various applications, such as validating satellite-retrieved products and model outputs.