The present study proposes and demonstrates a narrow-linewidth thulium-holmium co-doped fiber laser based on self-injection locking. The laser with single-longitudinal-mode operation is realized using a fiber Bragg grating as a wavelength-selection component and a dual-ring compound cavity as a mode-selection filter. The linewidth was compressed by increasing the photon lifetime by utilizing delay fibers of different lengths in the feedback cavity. The results show that the optical signal-to-noise ratio of the output laser is 57.2 dB, and the relative intensity noise is -130.43 dB/Hz with self-injection locking. The intrinsic linewidth is compressed from 39.45 kHz to 3.21 kHz, a reduction of nearly an order of magnitude. The linewidth compression mechanism solves the problems associated with deep linewidth compression in fiber lasers with long ring cavities and fosters the development of practical and reliable all-fiber structures. The laser source is characterized by low cost, high coherence, and low noise, which are highly desirable features in coherent optical detection, high-resolution spectrometers, microwave photonics, and optical sensing.