This paper describes a demonstration of a passively dual-wavelength Q-switched ytterbium-doped fiber laser using a selenium bismuth-based saturable absorber. By utilizing a short-length photonic crystal fiber in a ring cavity and performing adjustments to the polarization state of an incorporated polarization controller (PC), we obtained a stable dual-wavelength Q-switched output at 1037.14 and 1037.69 nm, with maximum pulse energy of 0.65 nJ, shortest pulse width of 8.46 μs, and pulse repetition rate from 15.37 to 59.24 kHz. The Q-switched laser output consistently achieved high-power stability with a 0.8 dB maximum fluctuation over a period of 20 min.