Power allocation promises significant benefits in wireless networks. However, these benefits depend on knowledge of the channel state information (CSI), which is hardly perfect. Therefore, robust algorithms that take into account such CSI uncertainties play an important role in the design of practical systems. In this paper, we formulate the power allocation problem as the maximum individual outage probability minimization subject to total power consumption for analog network coding (ANC) protocol of a two-way relay system. We show that these problems can be cast as convex optimization problems. Non-robust power allocation algorithm is first developed under the ideal assumption of perfect CSI. Then we introduce robust optimization methodology that accounts for the imperfect CSI. We show that ignoring CSI uncertainties in our designs can lead to drastic performance degradation. On the other hand, the proposed robust power allocation provides significant performance gain over non-robust power allocation and uniform power allocation in terms of overall system outage probability over a wide range of channel estimation errors. This work highlights the importance of the proposed robust algorithm in realistic two-way relaying networks.