A tunable dual-color KTP terahertz (THz) wave parametric oscillator (TPO) pumped by a dual-wavelength laser was proposed in this Letter. Theoretical analysis denotes that the emission of a tunable dual-color THz wave can be achieved by the simultaneous stimulated polariton scattering processes from multiple A1-symmetry phonon modes of the KTP crystal. The tunable dual-color THz wave emitted from KTP TPO was demonstrated in our experiment, where the THz frequencies simultaneously tuned from 3.15 THz to 11.63 THz and from 1.47 THz to 6.03 THz with some gaps. The maximum dual-color THz output energy of 1.31 μJ was obtained under the THz frequencies of 5.94 THz and 4.42 THz. Moreover, at a certain phase-matching angle, the THz output energies for the two frequencies were independent, which means that the dual-color THz wave emission with any energy ratio can be achieved by adjusting the pump energy ratio between a dual-wavelength laser.