Two-micron lasing is obtained on the 5I7 → 5I8 transition of Ho3+ ions in ZrO2 − Y2O3 −Ho2O3 crystals upon resonance pumping into the 5I7 level of these ions by a pulsed laser based on a Tm : LiYF4 crystal. The efficiency of conversion of pump radiation incident on the crystal to laser radiation and the slope lasing efficiency at a pulse duration of 8 ms and a pulse repetition rate of 10 Hz were 25% and 28%, respectively.