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Model binarization is an effective method of compressing neural networks and accelerating their inference process. However, a significant performance gap still exists between the 1-bit model and the 32-bit one. The empirical study shows that binarization causes a great loss of information in the forward and backward propagation. We present a novel Distribution-sensitive Information Retention Network (DIR-Net) that retains the information in the forward and backward propagation by improving internal propagation and introducing external representations. The DIR-Net mainly relies on three technical contributions: (1) Information Maximized Binarization (IMB): minimizing the information loss and the binarization error of weights/activations simultaneously by weight balance and standardization; (2) Distribution-sensitive Two-stage Estimator (DTE): retaining the information of gradients by distribution-sensitive soft approximation by jointly considering the updating capability and accurate gradient; (3) Representation-align Binarization-aware Distillation (RBD): retaining the representation information by distilling the representations between full-precision and binarized networks. The DIR-Net investigates both forward and backward processes of BNNs from the unified information perspective, thereby providing new insight into the mechanism of network binarization. The three techniques in our DIR-Net are versatile and effective and can be applied in various structures to improve BNNs. Comprehensive experiments on the image classification and objective detection tasks show that our DIR-Net consistently outperforms the state-of-the-art binarization approaches under mainstream and compact architectures, such as ResNet, VGG, EfficientNet, DARTS, and MobileNet. Additionally, we conduct our DIR-Net on real-world resource-limited devices which achieves 11.1x storage saving and 5.4x speedup.