In this paper, we consider a two-way multi-relay scenario and analyze the bit error rate (BER) and outage performance of an amplify-and-forward (AF) relaying protocol. We first investigate the bit error probability by considering channel estimation error. With the derivation of effective signal-to-noise ratio (SNR) at the transceiver and its probability density function (PDF), we can obtain a closed form formulation of the total average error probability of two-way multi-relay system. Furthermore, we also derive exact expressions of the outage probability for two-way relay through the aid of a modified Bessel function. Finally, numerical experiments are performed to verify the analytical results and show that our theoretical derivations are exactly matched with simulations.