With a wide wavelength tuning range, free-electron lasers (FELs) are well suited for producing simultaneous lasing at multiple wavelengths. We present the first experimental results of a novel two-color storage ring FEL. With three undulators and a pair of dual-band mirrors, the two-color FEL can lase simultaneously in infrared (IR) around 720 nm and in ultraviolet (UV) around 360 nm. We have demonstrated independent wavelength tuning in a wide range (60 nm in IR and 24 nm in UV). We have also realized two-color harmonic operation with the UV lasing tuned to the second harmonic of the IR lasing. Furthermore, we have demonstrated good power stability with two-color lasing, and good control of the power sharing between the two colors.