The invention provides a two-in-one heat preservation cup which comprises a cup lid, a cup body and an isolating layer. The isolating layer is arranged in the middle of the cup body and divides the cup body into two portions, and each portion is provided with a water inlet and outlet and a small lid; the isolating layer is a vacuum isolating layer and does not conduct heat; the small lids are in a red color and a blue color, so that cold water and hot water are differentiated. The two-in-one heat preservation cup further comprises a hook, and the two-in-one heat preservation cup can be carried on the back if a strap is installed on the hook. According to the two-in-one heat preservation cup, two-in-one design is adopted, therefore, adults and children can drink hot water with suitable temperature in time or drink different beverages at will, and the two-in-one heat preservation cup is a necessary good item for living at home and travelling.