Low-level clouds (LLC), mainly composed of liquid water droplets, cool the climate system by strongly reflecting solar radiation back to space, and thus play an important role in the Earth energy budget. However, the LLC properties and their radiative effects are poorly represented in climate models, leading to the largest source of uncertainty in the climate prediction. Liquid water content (LWC) is a key property of LLC determining cloud extinction characteristics and is a fundamental parameter in the radiative transfer model. To improve the understanding of LWC properties, algorithms have been proposed to retrieve LWC based on millimeter-wavelength radar. However, the traditional retrieval relies on pre-constructed empirical relationship between reflectivity and LWC and have noticeable limitations. Particularly, the retrieval uncertainty is strongly depended on the assumed particle size distribution, the existence of drizzle particle; and on the accuracy of reflectivity measurement. In this study, we develop a new self-consistent algorithm to retrieve LWC by constraining radar reflectivity factor and attenuation in the whole liquid cloud layer. A relationship between the radar measured reflectivity, LWC, and the intrinsic reflectivity is first constructed based on the radiative transfer theory under Rayleigh scattering regime. A nonlinear least-square regression technique is then applied to derive the optimal parameters in the retrieval equations to obtain the LWC. Comparison with the microwave radiometer (MWR) derived liquid water path (LWP) indicates that our proposed method retrieves more accurate LWC products than that from the traditional empirical algorithms.