Simultaneously and independently measuring two-dimensional (2D) displacement, one-dimensional (1D) for out-of-plane measurement and 1D for in-plane measurement, is important for practical applications. Although extrinsic fiber Fabry-Perot interferometers (EFPIs) have been reported for highly precise out-of-plane displacement measurements for many years, simultaneous measurement of 2D displacement with sub-micrometer accuracy has not been realized by a monolithic EFPI as far as we know. In this paper, a monolithic dual-cavity EFPI to realize 2D displacement measurement of a target is reported. By quantitatively analyzing and experimentally calibrating the linear dependences of the in-plane displacement sensitivity and interception on the cavity length, the effect of out-of-plane displacement on the in-plane displacement measurement is removed, which is the basis of the 2D displacement detection. 2D random movement detection and the repeatability of the system are investigated experimentally. Within the range of ±7 μm for in-plane displacement, and 352 μm-358 μm for cavity length, demodulation errors better than 96 nm are achieved. The 2D displacement measurement system based on the dual-cavity EFPI with the advantages of noncontact, high accuracy and compact size is promising to be applied in the 2D acceleration measurement, 2D rotor vibration measurement, 2D precise positioning in semiconductor manufacture, thermal expansion coefficient measurement, and so on.