Due to the influence of environmental factors (i.e., terrain and surface coverage) around the GPS receivers, the snow depth retrieval results obtained by the existing global positioning system interferometric reflection (GPS-IR) method show significant variability. The resulting loss of reliability and accuracy limits the broad application of this technology. Therefore, this paper proposes a dynamic snow depth retrieval model based on time-series clustering optimization for GPS-IR to fully leverage multi-source satellite observation data for automatic and high-precision snow depth retrieval. The model employs Dynamic Time Warping distance measurement combined with the K-Medoids clustering algorithm to categorize frequency sequences obtained from various satellite trajectories, facilitating effective integration of multi-constellation data and acquisition of optimal datasets. Additionally, Long Short-Term Memory networks are integrated to capture and process the long-term dependencies in snow depth data, enhancing the model’s adaptability in handling time-series data. Validated against SNOTEL measured data and standard machine learning algorithms (such as BP Neural Networks, RBF, and SVM), the model’s retrieval capability is confirmed. For P351 and AB39 sites, the correlation coefficients for L1 band data retrieval were both 0.996, with RMSEs of 0.051 and 0.018 m, respectively. The experiment results show that the proposed model demonstrates superior precision and robustness in snow depth retrieval compared to the previous method. Then, we analyze the accuracy loss caused by sudden snowfall events. The proposed model and methodology offer new insights into the in-depth study of snow depth monitoring.