By considering the influence of the turn-off time and the modulation frequency of the acousto-optic (AO) modulator as well as the Gaussian spatial distribution of the photon density, we give a developed rate equation model for a diode-pumped dual-loss-modulated Q-switched and mode-locked (QML) Nd:GdVO(4) laser with AO modulator and Cr(4+):YAG saturable absorber. With this developed model, the dual-loss-modulated QML laser characteristics, such as pulse width and pulse energy, can be numerically simulated, and the theoretical evaluations are in good agreement with the experimental results.