A diode-pumped Yb:YVO4 laser has been passively mode locked for the first time, to our knowledge. 120 fs pulses with an average output power of 300 mW and a peak power as high as 14.5 kW are obtained by use of a semiconductor saturable-absorber mirror for passive mode locking. The optical spectrum has a 10 nm bandwidth (full width at half-maximum) and is centered at 1021 nm.