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In this paper, a time-varying two-phase (TVTP) optimization neural network is proposed based on the two-phase neural network and the time-varying programming neural network. The proposed TVTP algorithm gives exact feasible solutions with a finite penalty parameter when the problem is a constrained time-varying optimization. It can be applied to system identification and control where it has some constraints on weights in the learning of the neural network. To demonstrate its effectiveness and applicability, the proposed algorithm is applied to the learning of a neo-fuzzy neuron model