A dual-wavelength erbium-doped fiber laser (EDFL) with outstanding stability is presented. In the fiber laser system, two nested active optical fiber ring filters are configured to improve the comb spectrum performance, a saturable absorber is employed to form a gain grating for both filtering and frequency stabilizing, two cascaded fiber Bragg gratings (FBGs) are utilized to achieve dual-wavelength output, and a variable attenuator is arranged to adjust output power. Experimental results illustrate that the peak wavelength drift is less than 3 pm, and a good linear relationship between output power and pump power is realized.