We explore the physics of a Chern insulator subjected to a two-step Floquet drive. We analytically obtain the phase diagram and show that the system can exhibit different topological phases characterized by the presence and chirality of edge modes in the two bulk gaps of the Floquet quasienergy spectrum, around 0 and . We find that the phase of the system depends on the mean but not on the amplitude of the drive. The bulk topological invariants characterizing the phases can be extracted by mapping the unitary evolution within a time period to an energetically trivial but topologically nontrivial time evolution. An extensive numerical study of the bulk topological invariants in the presence of quenched disorder reveals transitions induced by strong disorder (i) from the different topological to trivial insulator phases and (ii) from a trivial to a topological Anderson insulator phase at intermediate disorder strengths. Careful analysis of level statistics of the quasienergy spectrum indicates a “levitation-annihilation” mechanism near these transitions.