Oblivious transfer is a fundamental tool in modern cryptography. It plays an important role in the research of security protocols. In recent years, many oblivious transfer variants with more powerful functionalities are proposed to fit in different kinds of requirements and scenarios. In this paper, a new oblivious transfer variant, called cut-and-choose bilateral oblivious transfer, is proposed. Based on homomorphic encryption, an efficient one-round protocol of this primitive is constructed along with rigorous security proof in semi-honest model. When applied in security protocols based on cut-and-choose technique (especially in secure two-party computation), cut-and-choose bilateral oblivious transfer enables a more modular high-level description of the protocol framework, and also reduces the round complexity of the protocols. Besides, as a basic tool in the information security area, this primitive itself is of independent research interest.