Moisture content is an important index to assess the grain quality and food processing conditions. A measurement system based on the traveling–standing microwave attenuation method is designed for a fast and nondestructive grain moisture content determination. The proposed system consists of a microwave cavity oscillator, microwave transmitting and receiving horn antennas, microwave detector, slide rail, sample container, weight sensor, temperature sensor, and controller. The traveling–standing wave caused by free space microwave multiple reflection is discussed. The moisture content calibration functions eliminated the interference of bulk density and temperature are proposed based on the attenuation of the maximum field strength of the transmission traveling–standing wave. The moisture content of rice, which ranges from 10.75% to 27.62%, is obtained with a standard error of prediction (SEP) of 0.586% and a coefficient of determination (R2) of 0.988, whereas the moisture content of corn, which ranges from 7.72% to 24.46%, is obtained with a SEP of 0.340% and R2 of 0.991. The main results might provide technical support for the development of accurate and intelligent grain quality detection equipment.