A two-terminal biristor in which a polysilicon emitter layer is inserted and a method of manufacturing the same are provided. The method of manufacturing the two-terminal biristor according to an embodiment of the present disclosure includes forming a first semiconductor layer of a first type on a substrate, forming a second semiconductor layer of a second type on the first semiconductor layer, forming a third semiconductor layer of the first type on the second semiconductor layer, and forming a polysilicon layer of the first type on the third semiconductor layer.