The invention discloses a pulsating two-way impacter, which comprises a casing power mechanism and an impacting mechanism, wherein the impacting mechanism comprises a shaft coupler, a center shaft, springs, a slide sleeve and an impact valve; the center shaft is provided with a radial bypass hole communicating with an upper annular groove and a lower annular groove which are built in a casing; the lower part of the center shaft and the impact valve are matched and connected in an axially sliding way through a spline group; the impact valve and the springs arranged above the annular groove are arranged in the lower annular groove of the casing; the slide sleeve is arranged on the impact valve; and the lower end of the impact valve forms the impact matching with the inner convex edge of the lower annular groove of the casing. The pulsating two-way impacter can generate duplex effects of axial impact and torsional impact; the axial impact and the torsional impact are matched; the drilling column axial vibration can be caused; the sliding drilling friction resistance can be reduced; the pressure difference drilling clamp risk is reduced; the drilling pressure is increased; the pressure releasing influence is weakened; the instantaneous cutting force of a drilling bit can be improved; and the stick-slip vibration is prevented. The pulsating two-way impacter also has the advantages that the structure is simple; the operation is convenient; the installation is convenient; and safety and reliability are realized.