A pump laser drive circuit with high precision and high stability is designed based on frequency compensation technique. The laser can be operated in two modes: automatic current control (ACC) and automatic power control (APC). The drive circuit considers the current adjustment of the deep negative feedback system as the inner loop and the optical power feedback adjustment as the outer loop. Simultaneously, by combining first-order artificial analysis and Tina SPICE simulation, the frequency compensation of the loop is performed to realize high stability control of the pump laser. The drive chip is controlled via analog proportion-integration-differentiation technology to regulate the current of a thermoelectric cooler. The designed drive circuit supplies continuously adjusted output current in ACC mode; it has the following functions: slow start, reverse current prevention, and over-current protection. In ACC mode, the long-term stability of the output current reaches 0.04%. In APC mode, the long-term stability of the laser output power is better than 0.3%, the control linearity reaches 0.9999,and the long-term stability of the temperature control is better than 0.0928%. The experimental results demonstrate that this driving system has high security, high stability, and is easy to use.