We consider (1, 2)-rational functions given on the field of p-adic numbers Qp.In general, such a function has four parameters. We study the case when such a function has two fixed points and show that when there are two fixed points then (1, 2)-rational function is conjugate to a two-parametric (1, 2)-rational function. Depending on these two parameters we determine type of the fixed points, find Siegel disks and the basin of attraction of the fixed points. Moreover, we classify invariant sets and study ergodicity properties of the function on each invariant set. We describe 2-and 3-periodic orbits of the p-adic dynamical systems generated by the two-parametric (1, 2)-rational functions.