A phosphosilicate Raman fiber laser (RFL) with Fabry-Perot cavity consisting of a pair of wide-band fiber loop mirrors (FLM) is proposed. A narrow-band fiber Bragg gratings (FBG) is used as a highly-reflective mirror in the same experimental configuration. The results show that the adoption of phosphosilicate RFL with FLM as a highly-reflective mirror instead of FBG can obtain laser output with narrow bandwidth and decrease the optical leakage from the highly-reflective mirror effectively. With the same output mirror, the laser using FLM as its highly-reflective mirror demonstrates a lower threshold and higher conversion efficiency than the one using FBG as the highly-reflective mirror. The output power of the laser at 1.24 μm is up to 4.31 W while the incident pump power is 9.45 W, the slope efficiency is 57.9% and optical-optical conversion efficiency is 45.6%.