An all-fiber temperature and refractive dual-parameter-sensing Michelson interferometer is designed based on the waist-enlarged bitaper. At 5 mm from the fiber end, the waist-enlarged bitaper is manually spliced and the probe is formed. Since the input light encounters the waist-enlarged bitaper, it will excite high-order modes to transmit in the fiber cladding, and there will be an optical path difference between the basic mode and the higher-order mode. The light transmitted in the core and cladding is reflected upon encountering the fiber end face and the interference occurs due to the optical path difference between basic mode and higher-order mode. Changes in temperature and refractive index at the fiber probe can be detected by monitoring the interference fringes. The refractive response sensitivity is -191.06 dBm/RIU from 1.351 RIU to 1.4027 RIU, and the temperature response sensitivity is 0.12 nm/°C from 11 °C to 98 °C. Through the sensitivity matrix equation, the superimposed refractive index and temperature signals can be effectively demodulated. The sensor has the advantages of multi-parameter measurement, compact structure, low cost, easy fabrication and high reliability.