The non-Gaussian operation, which can be easily implemented by current techniques, is an effective way for the improvement of the continuous-variable entanglement. Here, we theoretically propose a scheme for generating a number-conserving two-mode generalized superposition of products (TM-GSP) state by performing the (m, n)-order GSP operations i.e.Then, the entanglement properties of the TM-GSP state are analyzed detailedly by means of logarithmic negative, Einstein-Podolsky-Rosen (EPR) correlation and two-mode squeezing property. It is shown that, in contrast to the TMSV case, for the optimal choices of s 1 and s 2 , the entanglement properties of the TM-GSP state can be improved by using symmetric GSP operations (m, n) and single-side GSP operations (0, n). Furthermore, the fidelity effect is also considered when the TM-GSP state is used as the entangled resource under the Braunstein and Kimble scheme. In terms of the optimal teleportation fidelity, it is found that the effect of the single GSP operation (0, 2) is equivalent to that of the case (1,1). This phenomenon also exists in logarithmic negative, EPR correlation and two-mode squeezing property. These results show that the prepared TM-GSP state may provide a well application in the fields of quantum information processing.