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Pseudo-labeling is a widely used strategy in semi-supervised learning. Existing methods typically select predicted labels with high confidence scores and high training stationarity, as pseudo-labels to augment training sets. In contrast, this paper explores the pseudo-labeling potential of predicted labels that **do not** exhibit these characteristics. We discover a new type of predicted labels suitable for pseudo-labeling, termed *two-phase labels*, which exhibit a two-phase pattern during training: *they are initially predicted as one category in early training stages and switch to another category in subsequent epochs.* Case studies show the two-phase labels are informative for decision boundaries. To effectively identify the two-phase labels, we design a 2-*phasic* metric that mathematically characterizes their spatial and temporal patterns. Furthermore, we propose a loss function tailored for two-phase pseudo-labeling learning, allowing models not only to learn correct correlations but also to eliminate false ones. Extensive experiments on eight datasets show that **our proposed 2-*phasic* metric acts as a powerful booster** for existing pseudo-labeling methods by additionally incorporating the two-phase labels, achieving an average classification accuracy gain of 1.73% on image datasets and 1.92% on graph datasets.