Because of the pseudo phase conjugation effect (PPCE) of the micro corner-cube reflector array (MCCRA), the turbulence-induced fading in the modulating retroreflector (MRR) free-space optical (FSO) system using the MCCRA can be considerably reduced to improve the system performance. We first describe the achievement of double-pass wave-optics simulation for the MCCRA-based MRR FSO channel. Then, the channel fading of the MCCRA-based MRR FSO system is statistically analyzed together with that of the CCR-based MRR FSO system. The composite channel models based on double Lognormal (LN) and double Gamma-Gamma (GG) distributions are considered, and it is verified by the simulations that the double LN model could be acceptable for describing the MCCRA-based MRR FSO channel under the weak-to-strong turbulence conditions. On the other hand, the fading correlation between the double-pass channels is relatively high and will impact the performance improvement originating from the PPCE. Hence, bit error rates of the MCCRA- and CCR-based MRR FSO systems are analyzed and compared to illustrate the performance gain of the use of the MCCRA. Finally, the experimental measurements of double-pass channel fading are carried out in an indoor atmospheric chamber, and the experimental results show the applicability of the double LN model and the turbulence suppression of the MCCRA.