Q-switched fiber lasers have become reliable light sources for generating high-energy pulses, which can be passively modulated by saturable absorbers with excellent nonlinear optical properties. The composite combining Ag and MXene exhibits a broadband nonlinear response and high modulation depth, making it a promising candidate for saturable absorbers in pulsed lasers. Herein, we demonstrate a Q-switched Tm:Ho co-doped fiber laser centered at 2 µm, where the Ag/MXene composite serves as a saturable absorber to generate pulses. The typical spectrum, pulse train, and radio frequency spectrum of Q-switched pulses were observed, in which the 60 dB signal-to-noise ratio was higher than that of 2 µm Q-switched fiber lasers based on other materials, demonstrating the stability of the output pulses. Additionally, the long-term stability of the laser was evaluated over 2 h, where the well-maintained central wavelength and output power also indicated the robustness of the Q-switched laser. Furthermore, the influence of the pump power on the parameters of Q-switched pulses was also investigated, which is conducive to control the output characteristics of lasers. Specifically, the pulse width of the Q-switched pulse decreased, while the repetition rate, output power, and single pulse energy all increased with the increase in pump power. These experimental results demonstrate the ability of Ag/MXene as a saturable absorber and show its potential for generating high-performance pulses in ultrafast lasers.