A ferromagnetic insulator Cr₂Ge₂Te₆ as a saturable absorber in an Er-doped fiber laser (EDFL) was demonstrated. In this work, a CGT-PVA composite film was successfully fabricated using the liquid-phase exfoliation method and employed in an EDFL. The modulation depth and saturation intensity of the SA are 4.26% and 89.40 MW/cm², respectively. Stable pulses with a minimum pulse width of 978.5 fs when the repetition rate was 3.25 MHz were recorded experimentally. Furthermore, stable solitons still need to be obtained when the pulse energy in the cavity is as high as 11.6 nJ. The results fully suggest that CGT has outstanding nonlinear absorption properties, which may have broad potential applications in ultrafast photons.