Due to the high-altitude illumination and the separation of the receiver and transmitter, geosynchronous (GEO) spaceborne–airborne bistatic synthetic aperture radar (BiSAR) is more flexible and accessible in remote sensing applications. In this paper, the Doppler characteristics of GEO BiSAR with a squint receiver are analyzed. It is found that the Doppler spectrum is generally aliased in GEO BiSAR regarding the low pulse repetition frequency (PRF) adopted by the GEO SAR. In order to suppress the ambiguity without adjusting the PRF of GEO SAR, the azimuth multichannel receiving technique is applied to the receiver and then the multichannel transfer function for GEO BiSAR is derived. However, the whole bandwidth of the imaging scene is much larger than that of the center point, which requires extra receiving channels to suppress the ambiguity and thereby increasing the system complexity. A two-step nonlinear chirp scaling (NLCS) method is proposed to obtain the well-focused image with reduced receiving channels. First, a preprocessing step is conducted to achieve space-variant range cell migration correction. After that, the first-step NLCS processing is applied to equalize the 2-D space-variant Doppler centroid and thereby the Doppler bandwidth is decreased, i.e., the required number of receiving channels for reconstruction is reduced. Then, the unambiguous spectrum is reconstructed based on the proposed multichannel transfer function. Finally, the second-step NLCS processing is carried out to equalize the 2-D space-variant high-order Doppler parameters and obtain the well-focused image. The simulation results validate the effectiveness of the proposed method. With the proposed two-step NLCS method, the well-focused image for GEO BiSAR is obtained and the required number of receiving channels can be decreased, which is beneficial to reducing the system complexity and hardware cost.