The present invention discloses a two-bar tricot stitch weft insertion bidirectional elastic composite material production technique. The technique comprises the following steps: knitting: using a polyester DTY filament between 15D-100D as a warp yarn and a polyester DTY filament between 15D-600D as a weft yarn, wherein the looming warp density of the warp yarn is 7.5-13 threads/cm, and the looming weft density of the weft yarn is 6-25 threads/cm, and further using a two-bar tricot stitching disc of a weft insertion machine, and a single guide full-threading knitting to obtain a two-bar tricot stitch weft insertion gray cloth; using an overflow dyeing machine to perform pre-shrinking and refining or overflow pre-shrinking and dyeing; sizing and coating. A two-bar tricot stitch warp insertion bidirectional elastic composite material produced using the two-bar tricot stitch weft insertion bidirectional elastic composite material production technique is elastic along the warp and weft directions of the fabric. The product has excellent performance and low production cost. The invention further relates to a two-bar tricot stitch weft insertion bidirectional elastic composite material.