Deformation monitoring has been brought to the fore and extensively studied in recent years. Global Navigation Satellite System Reflectometry (GNSS-R) techniques have so far been developed in deformation estimation applications, which however, are subject to the influence of mobile satellites. Rather than compensating for the path delay variations caused by mobile satellites, adopting Beidou geostationary Earth orbit (GEO) satellites as transmitters directly eliminates the satellite-motion-induced phase error and thus provides access to stable phase information. This paper presents a novel deformation monitoring concept based on GNSS-R utilizing Beidou GEO satellites. The geometrical properties of the GEO-based bistatic GNSS radar system are explored to build a theoretical connection between deformation quantity and the echo carrier phases. A deformation retrieval algorithm is proposed based on the supporting software receiver, thus allowing echo carrier phases to be extracted and utilized in deformation retrieval. Two field validation experiments are conducted by constructing passive bistatic radars with reflecting plates and ground receiver. Utilizing the proposed algorithm, the experimental results suggested that the GEO-based GNSS reflectometry can achieve deformation estimations with an accuracy of around 1 cm when the extracted phases does not exceed one complete cycle, while better than 3 cm when considering the correct integer number of phase cycles. Consequently, based on the passive bistatic radar system, the potential of achieving continuous, low-cost deformation monitoring makes this novel technique noteworthy.