In the present study, a new geophysical model function (GMF) is developed for the X-band synthetic aperture radar (SAR) on board the Advanced Satellite with New System Architecture for Observation-2 (ASNARO-2) to retrieve accurate offshore wind speeds. Equivalent neutral wind speeds based on the local forecast model (LFM) are employed as reference wind vectors, and 12,259 matching points from 502 SAR images obtained with horizontal transmitting, horizontal receiving polarization around Japan are collected. To ensure convergence of the calculation, 8129 points are selected from the matching points to determine the basic formula for the GMF and 23 coefficients based on the relationships among the normalized radar cross section, wind speed, incidence angle, and relative wind direction. Compared with the reference wind speeds, the GMF wind speeds showed reproducibility with a bias of −0.10 m/s and an RMSD of 1.37 m/s. Additionally, it can be confirmed that the retrieved wind speed has the bias of 0.03 and the RMSD of 1.68 m/s when compared to the in situ wind speed from the Kuroshio Extension Observatory (KEO) buoy. The accuracy of these retrieved wind speeds is comparable to previous studies, and it is indicated that the developed GMF can be used to retrieve offshore winds from ASNARO-2 images.