We　have　demonstrated　a　high-power　all-polarization-maintaining　thulium-doped　all-fiber　picosecond-pulsed　master-oscillator　power-amplifier.　The　thulium-doped　all-fiber　oscillator　was　mode-locked　by　a　semiconductor　saturable　absorber　mirror　to　generate　average　output　power　of　100　mW　at　a　repetition-rate　of　611.5　MHz　in　a　short　linear　cavity.　The　first　PM　thulium-doped　fiber　preamplifier　produced　4.5　W　average　output　power　for　17　W　incident　pump　power,　and　the　pulse　width　was　measured　to　be　18　ps.　In　the　second　PM　thulium-doped　fiber　preamplifier　and　the　final　PM　thulium-doped　fiber　power　amplifier,　a　segment　of　4.5　m　LMA　PM　thulium-doped　double-clad　fiber　were　used　as　the　gain　medium.　Both　the　thulium-doped　active　fiber　has　a　core　diameter　of　25　mu　m,　a　core　NA　of　0.09,　inner　cladding　diameter　of　400　mu　m　and　a　NA　of　0.46.　The　second　PM　fiber　preamplifier　produced　73　W　average　output　power　for　135　W　incident　pump　power.　In　the　final　PM　fiber　power　amplifier,　the　maximum　average　output　power　was　up　to　203　W　at　the　available　pump　power　of　300　W,　the　slope　efficiency　for　the　final　PM　fiber　power　amplifier　was　50.7%.　The　PER　at　the　highest　average　output　power　was　measured　to　be　＞15　dB.　The　pulse　width　was　15　ps　and　the　central　wavelength　was　1985　nm,　which　corresponds　to　peak　power　22　kW.　To　the　best　of　our　knowledge,　this　is　the　highest　average　output　power　ever　reported　for　an　all-fiber　ultrashort-pulsed　laser　at　2　mu　m　wavelength　region.