A dual-output and dual-mode supply modulator, a two-stage power amplifier using the same, and a supply modulation method therefor are provided. In order to improve the performance of a two-stage power amplifier used in a transmitter of a wireless communication system, the dual-output and dual-mode supply modulator according to the present invention may simultaneously supply an envelope tracking signal to a main amplification stage of the two-stage power amplifier and an average power tracking signal to an auxiliary amplification stage thereof. To this end, the dual-output and dual-mode supply modulator according to the present invention outputs two supply voltages and supports two operation modes. As such, it is possible to improve the efficiency of the two-stage power amplifier over a wide output power range with the use of a single supply modulator by employing envelope tracking on the main amplification stage and average power tracking on the auxiliary amplification stage in high output power regions or employing average power tracking both on the main amplification stage and auxiliary amplification stage in low output power regions.