LEO-LEO microwave occultation measurement technique can independently retrieve the temperature and water vapor profiles using both refraction and absorption measurements of microwave signals between LEO satellites. In this paper, the excess phase and atmospheric loss caused by refraction and absorption were simulated firstly. On this basis, the individual retrieval profile of temperature, water vapor and cloud liquid water content were analyzed. Then, the retrieval performance of temperature and water vapor profiles at different latitudes and the influence of cloud on the retrieval accuracy were statistically analyzed. The results show that the retrieved temperature profiles has significant positive bias above 35 km, with the largest in high latitude, the second in middle latitude, and the smallest in low latitude. The retrieval error of water vapor profiles increases significantly below 4 km, with the largest in low latitude, the second in middle latitude and the smallest in high latitude. In the cloudy atmospheric conditions, it is necessary to remove the absorption of clouds, otherwise the retrieved temperature and water vapor profiles will have positive bias. This study can provide theoretical reference for the further development of LEO-LEO occultation space exploration missions.