A joint continuous phase frequency shift keying (CPFSK) modulation and physical-layer network coding (PNC), i.e., CPFSK-PNC, is proposed for two-way relay channels (TWRCs). This letter discusses the signal detection of the CPFSK-PNC scheme with emphasis on the maximum-likelihood sequence detection (MLSD) algorithm for the relay receiver. The end-to-end error performance of the proposed CPFSK-PNC scheme is evaluated through simulations.