Two coupled axially phase matched parametric four-wave mixings have been achieved in Rb vapor by using broad bandwidth laser pulses. Coherent radiations at 420 nm produced by difference-frequency optical wave mixing processes were detected and a pump-probe scheme was employed to record time varying characteristics of the parametric four-wave mixing signals. Quantum beatings at 608 cm-1 and 70 cm-1 were retrieved from the time varying signals by Fourier transform. Moreover, time dependent Fourier transform was utilized to analyze the dynamics of quantum beatings. The results indicate that two wave packets associated with the two quantum beating frequency components interact strongly and the quantum beating dynamics can be controlled by adjusting Rb number density.