The invention discloses a two-phase stainless steel electrode, which comprises a core wire and a coating, wherein the coating is coated on the outer wall of the core wire and accounts for 0.4 to 0.5 percent of the total weight of the electrode. The core wire comprises the following components in percentage by weight: 0.005 to 0.030 percent of C, 0.01 to 0.20 percent of Si, 1.50 to 2.50 percent ofMn, 0 to 0.025 percent of P, 19.0 to 22.0 percent of Cr, 9.0 to 11.0 percent of Ni, 2.5 to 3.5 percent of Mo and the balance of Fe. The coating comprises the following components in percentage by weight: 8 to 20 percent of calcium carbonate, 2 to 15 percent of barium carbonate, 5 to 15 percent of calcium fluoride, 6 to 17 percent of strontium fluoride, 4 to 16 percent of barium fluoride, 9 to 18 percent of cryolite, 4 to 10 percent of rutile, 1 to 5 percent of titanium white, 2 to 8 percent of silicon dioxide, 3 to 9 percent of chromium powder, 1 to 1.5 percent of molybdenum powder, 0.1 to 4 percent of magnesium powder and 5 to 13 percent of iron powder. After the coating components are uniformly mixed, an adhesion agent is added into the mixture. The two-phase stainless steel electrode has high strength, high tenacity and intercrystalline corrosion resistance; and during welding, an electric arc is stable, splashing phenomena is reduced, a welding seam is well molded, slag is easy toremove, and the electrode has high operability.