The effect of semiconductor saturable absorber mirror (SESAM) on continuous-wave multi-wavelength fiber ring-cavity laser with semiconductor optical amplifier (SOA) is experimentally demonstrated. The evolutionary process of multi-wavelength oscillation and the decrease of oscillating mode number caused by an SESAM are discussed. It’s found that the free oscillating mode number of the multi-wavelength fiber ring-cavity laser with SOA can be upto three, and the lasing wavelengths are 1573.8 nm, 1578.09 nm and 1582.37 nm, respectively. When a SESAM is inserted in the fiber ring-cavity, it narrows the amplified spontaneous emission (ASE) spectrum of the SOA, and the oscillating mode number of the multi-wavelength fiber ring-cavity lasers with SOA decreases to two, a stable dual-wavelength lasing at 1560.91 nm and 1564.12 nm is obtained.