We propose a color-image reconstruction method for two-wavelength digital holography using generalized phase-shifting digital holography (GPSDH). In this method, color interference fringes are captured by a digital camera with a Bayer array color filter, and phase shifting is simultaneously performed for all wavelengths. Color interference fringes are separated into three monochromatic interference fringes using a color-separation method that suppresses the color-filter crosstalk. The object wave is extracted from each monochromatic interference fringe using GPSDH, which prevents problems due to the phase shift wavelength dependence. Image reconstruction is performed using a shifted Fresnel transform-based method, in which the color reconstructed image is obtained by directly superposing the reconstructed images for all wavelengths. We verify the proposed method through optical experiments with a two-wavelength digital holography system. The results show that the dual-color image can be successfully reconstructed without chromatic aberration.