Morifuji [Mo2] computed the twisted Alexander polynomial of twist knots for nonabelian representations. In this paper we compute the twisted Alexander polynomial and the Reidemeister torsion of genus one two-bridge knots, a class of knots which includes twist knots. As an application, we give a formula for the Reidemeister torsion of the 3-manifold obtained by a Dehn surgery on a genus one two-bridge knot.2010 Mathematics Classification: Primary 57N10. Secondary 57M25.