One effective scheme to generate optical short pulses based on chirp compression and soliton compression effects in the dual-loop optoelectronic oscillator (OEO) with different wavelengths is proposed. Dual-wavelength optical short pulses can be generated simultaneously with the proposed scheme. By modulating the high-quality microwave signal generated by the dual-loop OEO into the directly modulated lasers and the phase modulator, optical pulses and chirps can be obtained. The maximum chirp rate of the optical pulses is achieved by adjusting the optical delay between the directly modulated laser and the phase modulator. The chirp compression and soliton compression of optical pulses are conducted by utilizing the dispersion compensation fiber and the highly nonlinear fiber, respectively and the final optical pulse width is as narrow as 1.2 ps. After the system cavity length is effectively controlled with the phase-locked-loop technology, the long-term stability of optical pulses is further improved.