A two-way drywall lift overload protection system for reliably preventing the application of an overloading input force or an overloading weight force from an elevated load. The two-way drywall lift overload protection system generally includes a telescoping drywall lifter to lift and lower a load, wherein said telescoping drywall lifter includes a plurality of legs, a lower lifting member, a plurality of telescoping lifting members extending upwardly from said lower lifting member and an upper support, a winch attached to said telescoping drywall lifter, a brake unit connected to said winch, a slip clutch mechanically connected to said telescoping drywall lifter to selectively extend and retract said lower lifting member and said plurality of telescoping lifting members, and a main elongated member connected between said winch and said slip clutch.