We report a systematic experimental study of a storage ring two-color free-electron laser (FEL) operating simultaneously in the infrared (IR) and ultraviolet (UV) wavelength regions. The two-color FEL lasing has been realized using a pair of dual-band high-reflectivity FEL mirrors with two different undulator configurations. We have demonstrated independent wavelength tuning in a wide range for each lasing color, as well as harmonically locked wavelength tuning when the UV lasing occurs at the second harmonic of the IR lasing. Precise power control of two-color lasing with good power stability has also been achieved. In addition, the impact of the degradation of FEL mirrors on the two-color FEL operation is reported. Furthermore, we have investigated the temporal structures of the two-color FEL beams, showing simultaneous two-color micropulses with their intensity modulations displayed as FEL macropulses.