In this paper the atomic dipole squeezing in the two-photon Jaynes-Cummings model without the rotating-wave approximation has been discussed. From the comparison between the case with RwA and that without RWA,it has been shown that the atomic dipole squeezing is dependent on the virtual-photon processes. Moreover. the relationship between the squeezing degree and the field frequency. the meam photon number, and the atom-field coupling contant has been analyzed .