A compact Er:fiber ring laser operated at a fundamental repetition rate of 325 MHz is reported. Two gain fibers with opposite dispersion are employed to shorten the fiber laser cavity for high repetition rate and soliton-like pulse generation without losing gain and compactness. The spectral bandwidth of the output pulse is 24 nm and the direct pulse duration is 123 fs without extra-cavity compression, which are values near the transform-limited range.