Two-dimensional (2D) materials with potential applications in photonic and optoelectronic devices have attracted increasing attention due to their unique structures and captivating properties. However, generation of stable high-energy ultrashort pulses requires further boosting of these materials’ optical properties, such as higher damage threshold and larger modulation depth. Here we investigate a new type of heterostructure material with uniformity by employing the magnetron sputtering technique. Heterostructure materials are synthesized with van der Waals heterostructures consisting of MoS2 and Sb2Te3. The bandgap, carrier mobility, and carrier concentration of the MoS2-Sb2Te3-MoS2 heterostructure materials are calculated theoretically. By using these materials as saturable absorbers (SAs), applications in fiber lasers with Q-switching and mode-locking states are demonstrated experimentally. The modulation depth and damage threshold of SAs are measured to be 64.17% and 14.13J/cm2, respectively. Both theoretical and experimental results indicate that MoS2-Sb2Te3-MoS2 heterostructure materials have large modulation depth, and can resist high power during the generation of ultrashort pulses. The MoS2-Sb2Te3-MoS2 heterostructure materials have the advantages of low cost, high reliability, and suitability for mass production, and provide a promising solution for the development of 2D-material-based devices with desirable electronic and optoelectronic properties.