The color of the cap of the two-colored bolete varies from light red and almost pink to brick red. The most common coloration is brick red when mature. The cap usually ranges from 2 inches to 5.9 inches in width, with bright yellow pores underneath. The two-colored bolete is one of several types of boletes that have the unusual reaction of the pore surface producing a dark blue/indigo when it is injured, although the reaction is slower than with other bluing boletes. When the flesh is exposed it also turns a dark blue, but less dramatically than the pore surface. Young fruit bodies have bright yellow pore surfacesthat slowly turn a dingy yellow in maturity. The stem of the two-colored bolete ranges from 2 inches 3.9 inches in length and ranges from 0.4 inches to 1.2 inches in width. The stem coloration is yellow at the apex and a red or rosy red for the lower two thirds. When injured it bruises blue very slowly and may hardly change color at all in some cases. The stem lacks an ring and has a partial veil.
It is commonly found in deciduous woodland and usually grows under or close to broad-leaved trees, especially oak. It can be found in isolation and in groups or clusters, primarily during June through October.