In this paper, we study the bifurcations and nonlinear wave solutions for a generalized twocomponent integrable Dullin-Gottwald-Holm system. Through the bifurcations of phase portraits, we not only show the existence of several types of nonlinear wave solutions, including solitary waves, peakons, periodic cusp waves, periodic waves, compacton-like waves and kink-like waves, but also obtain their implicit expressions. Additionally, the numerical simulations of the nonlinear wave solutions are given to show the correctness of our results.