A compact and efficient GHz Nd∶GdVO4/V∶YAG Q-switched mode-locked laser at 1.34 μm is proposed. A laser diode is used for end-pumping, and a compact and linear cavity is combined with an output coupler with transmittance of 10%. Correlation experimental conditions of laser crystal are optimized, and correlation properties of laser crystal are theoretical analyzed. A Nd∶GdVO4 crystal is used in experiment. The Nd3+ doping mass concentration is 0.2%, and the initial transmission of V∶YAG crystal is 83%. The repetition rate of mode-locked pulse is up to 2 GHz, and nearly 100% mode-locked modulation depth can be obtained. The maximum output power of the Q-switched mode-locked laser is 715 mW. Based on the fluctuation mechanism theory, a mode-locked pulse figure of single Q-switched envelope is simulated, and the simulation results agree well with the experimental results.