The invention provides an automotive anti-collision radar system with two receiving antennas and an operating method. The automotive anti-collision radar system is provided with the two independent receiving antennas and an independent transmitting antenna, wherein the two independent receiving antennas and the independent transmitting antenna are connected into a radio-frequency signal processing module respectively. A central control processing part comprises a PS module and a PL module, wherein the PS module comprises a system submodule, a data processing submodule and a clock submodule, and the PL module comprises a modulating signal generation submodule, an algorithm submodule, a phase-locked loop submodule and a control submodule. An output device comprises a displayer, an alarm device and an emergency braking device. The operating method includes the steps of transmitting modulation triangular waves, allowing the two receiving antennas to collect real echo signals and virtual echo signals respectively, calculating distance information, speed information and azimuth information of targets through a MUSIC algorithm and target pairing, transmitting results to the PS module for synchronous display and directly controlling the alarm device and the braking device. Through the automotive anti-collision radar system with the two receiving antennas and the operating method, target azimuth can be obtained, the multi-target judging ability is improved, the computing speed is high, cost is low, reliability is high, and the automotive anti-collision radar system is simplified in structure, convenient to maintain, easy to upgrade and capable of reducing cost.