This article analyzes the impact of two-way intellectual property protection on the export ternary margin of exporting countries. A gravity model is established from the HS-6 digit trade data of China's exports spanning 2005～2015 to verify the theoretical hypothesis. The main findings from this study are：firstly, strengthening domestic intellectual property rights protection is able to increase the varieties and quantities of China's exports, while strengthening intellectual property rights protection in trading partner countries can increase the varieties of exports in China; secondly, there is no evidence that domestic and foreign intellectual property rights protection has a determinant effect on China's export prices; thirdly, when the domestic intellectual property protection is stronger, the role of two-way intellectual property protection in promoting China's export variety is enhanced, on the contrary, neither role is significant; fourthly, the difference in the country-specific research shows that strengthening two-way intellectual property protection at the same time is more conducive to the expansion of China's export products to developing countries, but it is not significant to developed countries.