In this paper, we propose and experimentally demonstrate a stable multi-wavelength fiber laser at 1.5 μm with single-mode fiber (SMF). The Sagnac loop structure with a 48.6:51.4 coupler and 2 km SMF has an intensity-dependent loss, which contributes to suppress the mode competition in the cavity and leads to a steady multi-wavelength output. In the experiment, five stable lasing wavelengths are obtained with a pump power of 300 mW at 980 nm. The demonstrated multi-wavelength fiber laser has great potential for applications in optical communications and optical sensing systems.