A terahertz photonic crystal fiber with two sensing channels was designed. Graphene coated on the micro-grooves in the cladding was used as plasma material to introduce tunability. The dispersion relation, mode coupling, and sensing characteristics of the fiber were studied using the finite element method. Ultrahigh sensitivity of 2.014 THz/RIU and 0.734 GHz/°C were obtained for analytes with refractive index in the range of 1.33 to 1.4 and environment temperature in the range of 10–60 °C, respectively. Refractive index resolution can reach the order of 10⁻⁵. The dual parameter simultaneous detection, dynamic tunable characteristics, and working in the low-frequency range of terahertz enable the designed photonic crystal fiber to have application prospects in the field of biosensing.