The invention relates to the technical field of two-color injection mould production, and particularly discloses a two-color injection mould with an internally shrunk mould core. The two-color injection mould comprises a first upper mould, a second upper mould, two lower moulds which are matched with the first upper mould and the second upper mould, and further comprises a first insert capable of being internally shrunk and a first drive assembly used for driving the first insert to move, wherein the first insert is mounted on the lower moulds; the first drive assembly is mounted on the first upper mould; the first upper mould is closed with the lower moulds to form a first mould cavity; the second upper mould is closed with the lower moulds to form a second mould cavity; in the first mould cavity, the first insert abuts against the upper end surface of the first mould cavity; and in the second mould cavity, the first insert is separated from the second mould cavity. The two-color injection mould has the beneficial effects that: a plurality of holes are formed in a first color rubber part, rubber is formed in the holes of the first color rubber part when a second color rubber part is formed, so that the second color rubber part is locked to the first color rubber part, and therefore, the purpose that the two color rubber parts are firmly combined is realized, and the problem that the two color rubber parts are liable to separate is solved.