A diode-pumped dual-loss-modulated Q-switched and mode-locked (QML) Nd:Lu0.15Y0.85VO4 laser with acousto-optic (AO) modulator and Cr4+:YAG saturable absorber is presented. The stable QML laser pulse with high peak power and complete modulation depth has been obtained. The QML laser characteristics such as the pulse width, single-pulse energy etc. have been measured for different small-signal transmissions (T0) of Cr4+:YAG, different reflectivity (R) of output coupler and modulation frequencies of the AO modulator (fp). The results show that the pulse energy increases with decreasing fp and increasing T0, while the pulse width decreases with decreasing fp and increasing T0. At fp = 10 kHz, R = 90%, and T0 = 91%, the highest pulse energy and peak power of mode-locked pulses is obtained.