In order to examine the effect and possible influence of the implementation of two-bank regulation of the wandering lower Yellow River, through summary of the background of implementation and the expected effect, project and social environmental problems regarding two-bank regulation are analyzed. Although the flood control situation in the lower Yellow River Basin is improved, there exist some problems, such as the insufficient sediment transport capacity of the wandering lower river and the deteriorated river regime of some lower channels. Two-bank regulation can generate a narrow deep channel through spur dikes or other regulation projects, cause most of the sediment to be transported by floods due to the large sediment transport capacity of the narrow deep channel and the operation of the Xiaolangdi Reservoir, and eliminate adverse river regimes, such as transverse rivers and inclined rivers. It is pointed out that the main problems regarding two-bank regulation are as follows: large floods are still likely to occur in the lower Yellow River, the regulation project leads to rises in the water lever, the increasing sediment-carrying capacity causes the discharged sediment to influence the narrow channels in Shandong Province and the Yellow River Estuary, and the implementation of regulation projects leads to land ownership problems, diversion of water from the Yellow River, and environmental impacts.