The reconstruction quality of in-line holography suffers from the superposition of twin images that have different foci but identical information content. We propose a phase retrieval method using two axially displaced holograms and a finite transmission constraint to eliminate the conjugate image. The simulation and experimental results demonstrate a better elimination effect and a faster rate of convergence compared with those of previously reported methods. Two holograms can be recorded simultaneously using two cameras, thus this technique can be used in real-time imaging.