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In this paper, we systematically study the average rate and outage probability tradeoffs of full-duplex two-way and one-way relaying under residual self-interference. Among various relaying protocols, two common of them are considered: amplify-and-forward (AF) and decode-and-forward (DF). Furthermore, we consider the application of physical-layer network coding (PNC) and analog network coding (ANC) to full-duplex two-way relaying. Novel closed-form expressions for the average rate and outage probability, are presented. The results show that full-duplex two-way relaying can achieve higher rate than one-way relaying in the medium to high signal-to-noise ratio (SNR) region, at the cost of a certain loss in the outage performance. Moreover, DF protocol can achieve better outage performance than the AF one, but it suffers from a certain loss in the rate in the high SNR region. It is also shown that PNC can …