Soil moisture is a crucial component of land–atmosphere interaction systems. It has a decisive effect on evapotranspiration and photosynthesis, which then notably impacts the land surface water cycle, energy transfer, and material exchange. Thus, soil moisture is usually treated as an indispensable parameter in studies that focus on drought monitoring, climate change, hydrology, and ecology. After consistent efforts for approximately half a century, great advances in soil moisture retrieval from in situ measurements, remote sensing, and reanalysis approaches have been achieved. The quality of soil moisture estimates, including spatial coverage, temporal span, spatial resolution, time resolution, time latency, and data precision, has been remarkably and steadily improved. This review outlines the recently developed techniques and algorithms used to estimate and improve the quality of soil moisture estimates. Moreover, the characteristics of each estimation approach and the main application fields of soil moisture are summarized. The future prospects of soil moisture estimation trends are highlighted to address research directions in the context of increasingly comprehensive application requirements.