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The booming development and huge market of micro-videos bring new e-commerce channels for merchants. Currently, more micro-video publishers prefer to embed relevant ads into their micro-videos, which not only provides them with business income but helps the audiences to discover their interesting products. However, due to the micro-video recording by unprofessional equipment, involving various topics and including multiple modalities, it is challenging to locate the products related to micro-videos efficiently, appropriately, and accurately. We formulate the microvideo-product retrieval task, which is the first attempt to explore the retrieval between the multi-modal and multi-modal instances. A novel approach named Multi-Queue Momentum Contrast (MQMC) network is proposed for bidirectional retrieval, consisting of the uni-modal feature and multi-modal instance representation learning. Moreover, a discriminative selection strategy with a multi-queue is used to distinguish the importance of different negatives based on their categories. We collect two large-scale microvideo-product datasets (MVS and MVS-large) for evaluation and manually construct the hierarchical category ontology, which covers sundry products in daily life. Extensive experiments show that MQMC outperforms the state-of-the-art baselines. Our replication package (including code, dataset, etc.) is publicly available at https://github.com/duyali2000/MQMC.