The performance of adding or subtracting photons on two-mode squeezed thermal states via examining the Einstein-Podolsky-Rosen (EPR) correlation, the Hillery-Zubairy (HZ) correlation, the fidelity of teleportation, and the negativity of Wigner function is theoretically investigated. The normalization factors and the teleportation fidelity are related to Jacobi polynomials, and the (evolved) Wigner functions are simply associated with two-variable Hermite polynomials. Compared with the original squeezed thermal states, the EPR correlation and the teleportation fidelity can be enhanced by photon subtraction and basically weakened by photon addition symmetric operations, but they cannot be enhanced for both photon addition and subtraction asymmetric cases. Also, HZ correlation can provide a better option relative to the EPR correlation in detecting the entanglement, and the fidelity for teleporting a squeezed state with a large squeezing can also be enhanced via photon addition symmetric operations, in contrast to teleporting a coherent state. Additionally, the nonclassicality is discussed in terms of the negativity of the (evolved) Wigner functions, which shows that photon addition and subtraction and the squeezing cannot restrain the deteriorate of nonclassicality, and the evolved Wigner functions become Gaussian (corresponding to vacuum) with long decay times as a result of amplitude decay.