The invention provides a two-way air exchange valve. The two-way air exchange valve comprises a valve plate and a blocking piece arranged on a first side of the valve plate, the valve plate comprisesa sealing part and a ventilating part which are connected with each other, the sealing part comprises a flexible membrane, the ventilating part is a filter chip used for filtering fine particles in air, the blocking piece is provided with first through ventilation opening and second through ventilation openings, the first ventilation openings are right opposite to the flexible membrane, the secondventilation openings are right opposite to the filter chip, when air is introduced to the bidirectional air exchange valve from the first side, air flow passes through the first ventilation openings,and then pushes the flexible diaphragm to be opened towards a second side opposite to the first side, when the air is introduced to the bidirectional air exchange valve from the second side, the blocking piece prevents the flexible diaphragm from being opened towards the first side, the flexible membrane completely covers the first ventilation openings, and the air flow flows into the first sideafter sequentially passing through the filter chip and the second ventilation openings. The invention further provides an air exhaust protective mask with the bidirectional air exchange valve. The airexhaust protective mask has the advantages that the operation is stable in the use process, and the blockage of an air exhaust device is not prone to occurrence.