In this Letter, an exciton absorption assumption is made to explain the mid-infrared saturable absorption performance of the 2D h-BN nanosheet. The exciton binding energy of ∼0.4 eV corresponds to the light wavelength around 3 µm, matching well with the experimental results. Experimentally, the h-BN saturable absorber (SA) shows a modulation depth of 5.3% in the wavelength region of 3 µm. By employing the h-BN SA in an Er:Lu2O3 laser, laser pulses with a pulse duration of 252 ns are realized at a repetition rate of 169 kHz, corresponding to a pulse energy of 3.55 µJ and peak power of 14 W. The exciton absorption assumption will help obtain a better understanding of the nonlinear optical dynamics in 2D materials from a new perspective.