The COVID-19 outbreak created immense disruptions in our daily lives. Travel is one of the major areas severely impacted by the pandemic. Bangladesh experienced two waves of COVID-19 between March 2020 and July 2021. Although several studies focused on significant changes in the travel behavior of urban road users before and during the pandemic, hardly any research examined the differences between the two waves. Hence, it was important to study the differences in travel behavior between the two waves of the COVID-19 pandemic to understand how the effects of travel restrictions, health concerns, and the severity of the pandemic on people's travel decisions change over time. This study intends to investigate the changes in travel behavior between the first and second waves of the COVID-19 pandemic in Dhaka and the factors that influence these changes. Data were collected through online questionnaire surveys using the Google form. Voluntary response and convenience sampling techniques were used to collect responses from 447 people in Dhaka. Descriptive statistics and non-parametric tests were conducted to analyze the data. In addition, two multinomial logistic models were developed to identify the factors behind the changes in travel behavior. This study reveals that work and shopping trips increased, whereas work-from-home and online shopping somewhat decreased during the second pandemic wave compared to the first pandemic wave. Most non-car owners who reduced their use of public transportation during the first pandemic increased their use during the second wave. There was no significant increase in the use of active transport modes for work and shopping trips in Dhaka. The perceived risk of COVID-19 infection was relatively lower during the second wave, influencing the respondents to travel more frequently for work and shopping purposes. Ensuring more adaptive public transportation, flexibility to work from home, and creating supportive infrastructures for active transport modes might help to provide a safe, affordable, and efficient transportation system for all during the future waves of the pandemic and other unprecedented events.