In this paper, we present a joint relay-and-antenna selection and power allocation strategy for multiple-input multi-output (MIMO) amplify-and-forward (AF) two-way relay networks (TWRNs). In our approach, we select the best transmit and receive antennas at the two sources, a best relay and a best transmit and receive antenna at the selected relay based on maximizing the minimum of the end-to-end received signal-to-noise-ratios (SNRs) under a total transmit power constraints. We obtained the closed-form solution for the optimal power allocation firstly. Then with the optimal allocation solution we found, we can reduce the joint relay-and-antenna selection to a simpler problem. Besides, the overall outage probability is investigated and a tight closed-form approximation is derived, which provides a method to evaluate the outage performance easily and fast. Simulation results are presented to verify the analysis.