We present a theoretical and experimental analysis of a diode-pumped single frequency Tm,Ho:YLF laser. A new model for a diode-pumped Tm,Ho:YLF quasi-three-level laser is described. The influence of energy-transfer up-conversion (ETU) and ground-state re-absorption (GSA) has been taken into account. When the incident pump power is 2.8 W, a maximum single frequency output power of 118 mW is obtained from the Tm,Ho:YLF laser at room temperature. The line narrowing elements used are two solid etalons. The single frequency laser can be used as a seed laser for either a larger oscillator or an amplifier. The theoretical results are in good agreement with experimental data.