In this study, the effects of rotor–rotor interaction on wake characteristics were investigated experimentally for a twin-rotor configuration in axial descent. The wake velocities were measured at descent rates (descent speed/induced velocity at the rotor disk during hover) from 0.87 to 1.52, and the rotor–rotor interaction strength was controlled by adjusting the distance between the rotor tips. As the descent rate increased, the wake of the isolated rotor gradually entered the vortex ring state (VRS), where the flow established an extensive recirculation zone. Correlation analysis was performed to distinguish the rotor wake between tubular and VRS topologies. The flow states for the isolated rotor were classified into pre-VRS, incipient VRS, and fully developed VRS, depending on the probability of vortex ring formation. The results reveal that the effects of rotor–rotor interaction on the wake characteristics of twin rotors differ depending on the descent rate, distance between rotor tips, and wake region. In the outer region, the flow state of the rotor wake remains consistent with that of the isolated rotor, irrespective of the distance between rotor tips. Conversely, the strong rotor–rotor interaction changes the flow state in the inner region by disrupting the vortex ring structure, intensifying the wake asymmetry about the rotational axis. The thrust measurements show that under the VRS, as the two rotors get closer, the thrust coefficient increases until vortex ring disruption occurs, and then decreases after the vortex ring is disrupted.