This paper will assess the sensitivity of soil moisture anomaly (SMA) obtained from the Soil water index (SWI) product Metop ASCAT, to identify drought in Romania. The SWI data were converted from relative values (%) to absolute values (m3 m−3) using the soil porosity method. The conversion results (SM) were validated using soil moisture in situ measurements from ISMN at 5 cm depths (2015–2020). The SMA was computed based on a 10 day SWI product, between 2007 and 2020. The analysis was performed for the depths of 5 cm (near surface), 40 cm (sub surface), and 100 cm (root zone). The standardized precipitation index (SPI), land surface temperature anomaly (LST anomaly), and normalized difference vegetation index anomaly (NDVI anomaly) were computed in order to compare the extent and intensity of drought events. The best correlations between SM and in situ measurements are for the stations located in the Getic Plateau (Bacles (r = 0.797) and Slatina (r = 0.672)), in the Western Plain (Oradea (r = 0.693)), and in the Moldavian Plateau (Iasi (r = 0.608)). The RMSE were between 0.05 and 0.184. Furthermore, the correlations between the SMA and SPI, the LST anomaly, and the NDVI anomaly were significantly registered in the second half of the warm season (July–September). Due to the predominantly agricultural use of the land, the results can be useful for the management of water resources and irrigation in regions frequently affected by drought.