We present the results of the first simultaneous dual-frequency VLBI observation with KVN (Korean VLBI Network). The KVN has a unique multi-frequency receiving system performing simultaneous observations at four frequencies, such as 22, 43, 86, and 129 GHz, in order to calibrate the atmospheric phase fluctuations, which cause a severe degradation of an interferometric coherence in mm-VLBI regime. In order to test the multi-frequency phase referencing capability of KVN, we observe the bright continuum VLBI source, NRAO 150 at two different frequencies of 21.7 (K band) and 43.4 (Q band) GHz simultaneously. The VLBI fringe phases at K and Q bands show a tight correlation of phase behaviors and the results of phase referencing (residual phase, coherence etc) are promising for achieving excellent phase referencing observations with KVN. The KVN will be able to open new perspectives in the multi-frequency study of VLBI.