As a Dirac material, an allotrope of graphene, namely γ-graphyne (γ-GY), is proved to have excellent nonlinear optical properties. Unfortunately, the saturable absorption properties and ultrafast photonics applications of γ-GY at the 1.5 μm band, which play vital roles in optical communication, have not been reported so far. Herein, γ-GY nanosheets (NSs) are prepared by an improved mechanochemical method, and a saturable absorber (SA) is fabricated by a laser-induced deposition method. The modulation depth (MD) and saturable fluence at 1.5 μm are found to be 5.40% and 23.46 μJ cm-2, respectively. Consequently, by inserting the as-prepared SA into an Er3+-doped fiber laser (EDFL), Q-switching and mode-locking operation with high stability are realized. Also, the mode-locking pulses are verified to be polarization-locked vector solitons (PLVSs) based on further study. With increasing pump power, the phase difference between the two orthogonal components increases, leading to the evolution of state of polarization (SOP). Additionally, the degrees of polarization (DOPs) are measured and all reach more than 97%, meaning high polarization stability. Therefore, this work not only broadens the application scope of γ-GY in ultrafast photonics, but also provides an important foundation for the study of soliton dynamics.