A laser-diode-pumped dual-loss-modulated Q-switching Tm:LuAG laser with an acousto-optic modulator (AOM) and monolayer graphene saturable absorber (SA) around 2 μm is presented for the first time to the best of our knowledge. The average output power and the pulse widths for different repetition rates have been measured. In comparison with the singly Q-switching laser with AOM or with monolayer graphene SA, the dual-loss-modulated Q-switching laser could generate shorter pulse width and higher peak power. The maximum pulse width compression ratio was found to be 3.11, and the highest peak power was enhanced 97.4 times. The experimental results show that the dual-loss-modulated technology is an efficient method for compressing the pulse width, improving the peak power, and enhancing the pulse stability for the Q-switched lasers at 2 μm.