A bidirectional tracking system including a wearable device and a tracking tag, the wearable device being for a user to wear or carry, and the tracking tag being for attaching to a valuable personal object, the wearable device including a first UWB module, a first Bluetooth module and a first alarm module; the tracking tag including a second UWB module; and the valuable personal object including a tracking application program; where the valuable personal object is configured to perform a Bluetooth ranging procedure with the first Bluetooth module to obtain a first distance, when the first distance is greater than a first warning distance, the first UWB module performs a UWB ranging procedure with the second UWB module to obtain a second distance, and when the second distance is greater than a second warning distance, the first alarm module sends a warning message.