Experiments on a two-phase rotating detonation combustor operating with gasoline and high total temperature air were conducted to investigate the initiation characteristics, operation mode, and propagation characteristics of a two-phase rotating detonation wave (RDW). The outer diameter, inner diameter, and length of the annular combustor were 204 mm, 166 mm, and 155 mm, respectively. The initiation characteristics, operation mode, and propagation characteristics of the two-phase RDW were studied by varying the total air temperature. The experimental results show that the initiation time of the RDW first decreases and then increases with an increase in the total air temperature and reaches an extreme value at a total air temperature of 713 K. Four operation modes (failure, intermittent detonation, single wave, coexistence of double wave collision, and single wave) of the detonation combustor were found for different total air temperatures. The effect of the total air temperature on the peak pressure stability and propagation frequency of the RDW was studied in detail. From the results, the effect of the equivalence ratio on the working characteristics of a rotating detonation engine (RDE) was investigated at a total air temperature of 713 K. Four detonation propagation modes (sporadic detonation, intermittent detonation, single-wave mode, coexistence of double-wave collision and single wave) were obtained in the combustor. When the equivalence ratio was 0. 52, the detonation initiation failed. The pressure characteristics in the combustor and propagation frequency of the RDW were studied with different equivalence ratios. In addition, a long-duration test was performed for 3 s to verify the continuous working feasibility of the two-phase RDE.