In this paper, we study the impact of imperfect channel information on an amplify-and-forward (AF)-based two-way relaying network (TWRN) with adaptive modulation which consists of two end-terminals and multiple relays. Specifically, we consider a single-relay selection scheme of the TWRN in the presence of outdated channel state information (CSI) and channel estimation errors. First, we choose the best relay based on outdated CSI, and perform adaptive modulation on both relaying paths with channel estimation errors. Then, we discuss the impact of the outdated CSI on the statistics of the signal-to-noise ratio (SNR) per hop. In addition, we formulate the end-to-end SNRs with channel estimation errors and offer statistic analyses in the presence of both the outdated CSI and channel estimation errors. Finally, we provide the performance analyses of the proposed TWRN with adaptive modulation in terms of average spectral efficiency, average bit error rate, and outage probability. Numerical examples are given to verify our obtained analytical results for various system conditions.