The invention discloses a two-way control valve applicable to a rising system of a shortwall coal cutter. The two-way control valve applicable to the rising system of the shortwall coal cutter comprises a hydraulic lock, a one-way throttle valve, a safe relief valve and a reversing valve; the hydraulic lock which comprises a piston and two hydraulic control one-way valves can achieve two-way lock and safe relief of an oil cylinder. According to the two-way control valve applicable to the rising system of the shortwall coal cutter, the reversing valve can move to different working positions (a left position or a right position) under the effect of differential pressure of two chambers of the oil cylinder according to different swinging directions (counterclockwise upward or downward and clockwise upward or downward) of a rocker arm to control communication or disconnection of bilateral oil channels (oil inlet and oil return) and the one-way throttle valve at the same side, a balance loop which adopts the one-way throttle valve to limit speed and the hydraulic control one-way valves to lock is formed particularly when the rocker arm swings downward, the shaking problem of the two-way swinging rocker arm during decreasing in different directions is effectively solved, and operational reliability of a hydraulic system of the shortwall coal cutter is improved.