The time-dependent Pancharatnam phase and the quantum correlations are studied for the two-qubit system in correlated dephasing environment. We find that in both X-state and Y-state, the rapid changes of the time-dependent Pancharatnam phase are intrinsic in the died and alive phenomena of quantum entanglement described by the concurrence under the exactly same parameters, while the slow changes of the time-dependent Pancharatnam phase correspond to the sudden death of entanglement. The results show that the time-dependent Pancharatnam phase includes the information of quantum correlations.