With the rapid emergence of artificial intelligence (AI) technology and the exponential growth in data generation, there is an increasing demand for high-performance and highly integratable optical modulators. In this work, we present an ultra-compact exciton-polariton Mach-Zehnder (MZ) modulator based on WS multilayers. The guided exciton-polariton modes arise in an ultrathin WS waveguide due to the strong excitonic resonance. By locally exciting excitons using a modulation laser in one arm of the MZ modulator, we induce changes in the effective refractive index of the polariton mode, resulting in modulation of transmitted intensity. Remarkably, we achieve a maximum modulation of -6.20 dB with an ultra-short modulation length of 2 μm. Our MZ modulator boasts an ultra-compact footprint area of ~30 μm² and a thin thickness of 18 nm. Our findings present new opportunities for the advancement of highly integrated and efficient photonic devices utilizing van der Waals materials.