Deconvolutional networks have attracted extensive attention and have been successfully applied in the field of computer vision. In this paper we propose a novel two-branch deconvolutional network (TBDN) that can improve the performance of conventional deconvolutional networks and reduce the computational complexity. A feasible iterative algorithm is designed to solve the optimization problem for the TBDN model, and a theoretical analysis of the convergence and computational complexity for the algorithm is also provided. The application of the TBDN in stereo matching is presented by constructing a disparity estimation network. Extensive experimental results on four commonly used datasets demonstrate the efficiency and effectiveness of the proposed TBDN.