We present a detailed analysis of spin squeezing of the one-axis twisting model with a many-body phase dephasing, which is induced by external field fluctuation in a two-mode Bose-Einstein condensates. Even in the presence of the dephasing, our analytical results show that the optimal initial state corresponds to a coherent spin state $|\theta_{0}, ϕ_0〉$ with the polar angle $\theta_0=π/2$. If the dephasing rate $γ≪ S^{-1/3}$, where $S$ is total atomic spin, we find that the smallest value of squeezing parameter (i.e., the strongest squeezing) obeys the same scaling with the ideal one-axis twisting case, namely $ξ^2∝ S^{-2/3}$. While for a moderate dephasing, the achievable squeezing obeys the power rule $S^{-2/5}$, which is slightly worse than the ideal case. When the dephasing rate $γ>S^{1/2}$, we show that the squeezing is weak and neglectable.