A passively mode-locked Yb fiber laser using PbSe colloidal quantum dots (CQDs) as saturable absorber (SA) is experimentally demonstrated. An all-fiber experimental scheme was designed to understand the SA property of PbSe CQDs. The non-saturable loss, modulation depth, and saturable intensity of SA measured were 23%, 7%, and 12 MW/cm , respectively. The PbSe CQDs were sandwiched in a fiber connector, which was further inserted into the Yb fiber laser for mode-locking. As the pump power up to 110 mW, the self-starting mode-locking pulses were observed. Under the pump power of 285 mW, a maximum average laser power with fundamental mode-locking operation was obtained to be 21.3 mW. In this situation, the pulse full width at half maximum (FWHM), pulse repetition rate, and spectral FWHM were measured to be 70 ps, 8.3 MHz, and 4.5 nm, respectively.