Continuous-wave (CW) yellow lasers have been demonstrated successfully by using a GaN laser-diode (LD) pumping in borate crystals for the first time. The Dy3+:GdMgB5O10 (Dy:GMB) crystal with dimensions up to 33 × 19 × 15 mm3 is grown by the top-seeded solution growth method, and the polarized spectroscopic properties are investigated systematically at room temperature. The line strengths, Judd-Ofelt (J-O) intensity, spontaneous transition rates, fluorescence branching ratios, and radiative lifetimes are calculated in detail by the Judd-Ofelt theory. Under direct pumping of 452 nm LD, a compact continuous-wave yellow laser with a maximum output power of 628 mW and laser wavelength of 581 nm is generated based on a Y-cut Dy:GMB crystal. To our knowledge, it is not only the highest output power for yellow laser obtained in Dy3+-doped crystals but also the first yellow laser operation achieved by borate crystals under direct LD pumping. The results reveal that the Dy:GMB crystal is an optical material with important application prospects in yellow laser.