In this article, we propose a collaborative palmprint-specific binary feature learning method and a compact network consisting of a single convolution layer for efficient palmprint feature extraction. Unlike most existing palmprint feature learning methods, such as deep-learning, which usually ignore the inherent characteristics of palmprints and learn features from raw pixels of a massive number of labeled samples, palmprint-specific information, such as the direction and edge of patterns, is characterized by forming two kinds of ordinal measure vectors (OMVs). Then, collaborative binary feature codes are jointly learned by projecting double OMVs into complementary feature spaces in an unsupervised manner. Furthermore, the elements of feature projection functions are integrated into OMV extraction filters to obtain a collection of cascaded convolution templates that form a single-layer convolution network (SLCN) to efficiently obtain the binary feature codes of a new palmprint image within a single-stage convolution operation. Particularly, our proposed method can easily be extended to a general version that can efficiently perform feature extraction with more than two types of OMVs. Experimental results on five benchmark databases show that our proposed method achieves very promising feature extraction efficiency for palmprint recognition.