Optically pumped dual-wavelength vertical external cavity surface-emitting semiconductor laser (VECSEL) with a single gain chip is reported. The active region of the gain chip is composed of two groups of quantum wells with different lasing wavelengths, one group of quantum wells with shorter wavelength operates by absorption pumping, and the other group of quantum wells with longer wavelength operates by in-well pumping. When the VECSEL is operating, the short-wavelength quantum wells pumped by the absorption region are first lased, due to the intensity modulation effect of the long-wavelength quantum wells on the short-wavelength quantum wells, it can be observed that the peak intensity of the spectrum oscillates periodically with time, pulsed operation of the VECSEL was observed by the highly sensitive detector. With the increasing of the pump power, stable dual-wavelength emission was achieved, the peak positions of emission wavelength are 967.5 nm and 969.8 nm respectively. The output power of the stable dual-wavelength emission can reach 560 mW, and the far fields show Gaussian cross-sections in orthogonal dimensions, and the divergence angles of 6.68° and 6.87° are obtained.