The quantum mechanical effect on the plasma two-stream instability is studied based on the dielectric function approach. The analysis suggests that the degenerate plasma relevant to the inertial confinement fusion behaves differently from classical plasmas when the electron drift velocity is comparable to the Fermi velocity. For high wave vector comparable to the Fermi wave vector, the degenerate quantum plasma has larger regime of the two-stream instabilities than the classical plasma. A regime, where the plasma waves with the frequency larger than 1.5 times of the Langmuir wave frequency become unstable to the two-stream instabilities, is identified.