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A novel secret key generation (SKG) method based on two-way randomness is proposed for TDD-SISO system. The legiti-mate transceivers mutually transmit their own random signal via reciprocal wireless channel, then the multiplication of transmitted and re-ceived signal is used as common randomness to generate secret keys. In quasi-static chan-nel, the theoretical SKG rates (SKGRs) of the three SKG methods, namely wireless channel based, one-way randomness and two-way ran-domness, are derived and compared. Further, two practical SKG schemes based on two-way randomness, Scheme-1bit and Scheme-3bit, are completely designed and simulated. Generally, Scheme-1bit applies to low signal to noise ratio (SNR) scenarios and achieves 0.13～0.86bit/Ts SKGR and 10-2～10-5 level secret key outage probability (SKOP), while Scheme-3bit fits high SNR situation and obtains 0.93～1.35bit/Ts SKGR and 10-3～10-4 level SKOP. At last, the national institute of standards and technology (NIST) test is con-ducted to evaluate the secret key randomness (SKRD) and the test results show that both of the proposed schemes have passed the test.