High quality Nd:Lu3Al5O12(Nd:LuAG) crystal doped with 1% Nd (atom fraction) is grown by the Czochralski method. The spectrum properties of the crystal are characterized. Compared with Nd:YAG with the same Nd concentration, Nd:LuAG single crystal has similar shape of absorption peak and fluorescence peak, but the position of peaks has 1 nm red-shift. Nd:LuAG single crystal has longer fluorescence lifetime and wider absorption line than Nd:YAG and NdGGG single crystals. Under Ti sapphire laser pumping with 900 mW power, the maximum output power, the slope efficiency, and the lasing threshold of Nd:LuAG crystal are 420 mW, 47.5% and 22 mW, respectively.