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Research on an efficient continuous-wave Nd:GYSGG laser at 1053 nm with excellent stability is demonstrated. The maximum output power is 4.17 W, corresponding to the conversion efficiency of 33.9% and the slope efficiency of 42.92%. Using a Cr:YAG absorber, pulsed dual-wavelength operation at 1053 and 1058.4 nm is obtained, of which the maximum single pulse energy and peak power are 172.1 μJ and 26.1 kW, respectively, when the pulse width is 6.6 ns and the repetition rate is 4.3 kHz. A polarization property is observed, owing to the anisotropy of Cr:YAG. This stably Q-switched dual-wavelength laser is a good pump source for the generation of a terahertz wave at 1.53 THz.