Ocean wave parameters (OWPs), including wave propagation direction (WPD), significant wave height (SWH), and main wave wavelength (MWW) can be typically retrieved using an interferometric imaging radar altimeter (InIRA). However, the inversion accuracy of ocean waves in Ku (15.8 GHz) and Ka (35.8 GHz) bands has not yet been evaluated due to the lack of field observation data. In this paper, to assess the inversion accuracy of OWPs in Ku and Ka bands, an airborne observation experiment using simultaneous Ku and Ka bands was carried out for the first time in Rizhao, Shandong Province, China. A dual-band InIRA (DInIRA) was configured with small incidence angles (4°–18°) and a Global Navigation Satellite System (GNSS) buoy; a mobile weather station was placed at the intersection of the plane routes for validation. Afterward, the WPD, SWH, and MWW were retrieved based on the imaging of sea surface height. As compared with the field in situ data, the WPD inversion results of main wind wave were found to be consistent with the measurement environmental wind direction. The SWH inversion biases, retrieved by the Ku and Ka bands, were 0.38 m and 0.27 m; the MWW inversion biases for the swells were equal to 16.75 m and 3.67 m; and the MWW inversion biases about the wind waves were 2.32 m and 0.57 m. Ultimately, it was established that the OWPs could be effectively retrieved by the DInIRA, and the inversion accuracy of the SWH and the MWW in the Ka band outperformed that in the Ku band.