This paper describes a proposal and successful demonstration of a dual wavelength all-fiber passively Q-switched erbium-doped fiber ring laser. The Q-switch operation was realized by using a nonlinear loop mirror that incorporated an unbalanced dispersion-decreasing taper fiber to act as a saturable absorber without additional elements. This setup enabled a fiber ring laser to achieve a performance of 48.7 kHz repetition rate with pulse duration of around 3.2 μs and approximate pulse energy of 20 nJ.