In order to study the bionic hydrofoil propulsion performance, a 2-degree-of-freedom oscillating hydrofoil propulsion device is designed. The lift force propulsion mode and the drag force propulsion mode are realized. An experiment platform of oscillating hydrofoil propulsion performance is built and a series of experiments are performed with different parameters coupling in the circulating water tunnel. In order to analyze the influence of different parameters on the propulsion performance, thrust and lift forces generated by oscillating hydrofoil are measured with a 6-axis force sensor, and compared with numerical simulation results. Experimental results show that the average thrust can be raised by increasing the heaving amplitude and oscillating frequency under the lift force propulsion mode. With the increase of pitching amplitude, the average thrust increases at first and then decreases. With the increase of oncoming flow speed, the average thrust decreases. Under the drag propulsion mode, the average thrust can be raised by increasing the heaving amplitude or oscillating frequency.