A high-power all polarization-maintaining (PM) chirped pulse amplification (CPA) system operating in the 2.0 μm range is experimentally demonstrated. Large mode area (LMA) thulium-doped fiber (TDF) with a core/cladding diameter of 25/400 μm is employed to construct the main amplifier. Through dedicated coiling and cooling of the LMA-TDF to manage the loss of the higher order mode and thermal effect, a maximum average power of 314 W with a slope efficiency of 52% and polarization extinction ratio of 20 dB is realized. The pulse duration is compressed to 283 fs with a grating pair, corresponding to a calculated peak power of 10.8 MW, considering the compression efficiency of 88% and the estimated Strehl ratio of 89%. Moreover, through characterizing the noise properties of the laser, an integrated relative intensity noise of 0.11% at 100 Hz−1 MHz is obtained at the maximum output power, whereas the laser timing jitter is degraded by the final amplifier from 318 to 410 fs at an integration frequency of 5 kHz to 1 MHz, owing to the self-phase modulation effect-induced spectrum broadening. The root-mean-square of long-term power fluctuation is tested to be 0.6%, verifying the good stability of the laser operation. To the best of our knowledge, this is the highest average power of an ultrafast laser realized from an all-PM-fiber TDF-CPA system ever reported.