Aiming at the limitation of the original non-interfering phase retrieval technique based on the Transport of Intensity Equation(TIE) which is only suitable for the short distance regions propagation under single wavelength condition, a phase retrieval algorithm based on TIE method under a two wavelength illumination condition is proposed. The algorithm takes into account the correlation constraints between the two phases under two separate wavelength and the concept of synthetic wavelength is introduced. Meanwhile, considering the limitation of phase retrieval accuracy at longer distance transmission, a two wavelength hybrid iterative algorithm is proposed by combining the aforementioned algorithm with the angular iterative algorithm. The experimental results show that the error of phase diagram retrieved by the two-wavelength TIE algorithm is reduced to 0.191 2 on average; the error of phase diagram retrieved by the proposed two wavelength hybrid iterative algorithm is reduced to 0.220 2 on average. The proposed algorithm can effectively recover the phase information under two wavelength illuminations and is not limited by the distance.