A high-efficiency ultrafast laser amplifier based on thin-rod Yb:YAG was demonstrated, featuring a 940- and 969-nm brightness-maintaining wavelength-multiplexed laser diode (LD)-pumping method. Two high-brightness LDs (940 nm and 969 nm) were spectrally combined into one beam spatially with a dichroic mirror, thus enabling twice pump power while maintaining high brightness. A maximum signal power of 240 W was obtained at a repetition rate of 1 MHz, with a power extraction efficiency (PEE) of ∼51%. To the best of the authors' knowledge, this is the first report of >50% efficiency as well as the highest average power operating at the fundamental mode for thin-rod Yb:YAG amplifiers. The beam quality factors (M2) of the amplified signal were measured to be 1.72 and 1.12 for the horizontal and vertical directions, respectively. A preliminary pulse compression was conducted at a signal power of 80 W with a chirped volume Bragg grating (CVBG) compressor. The compressed pulse duration was 744 fs with an average power of 66.5 W, corresponding to a compression efficiency of 83.1%.