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A new amplitude-modulation mode-locking technique is presented. Acoustic waves are generated directly on the faces of a resonant photoelastic medium. The created standing waves cause a highly efficient diffraction modulation of light. The modulation depth of standing-wave mode lockers is related to material and drive parameters and a figure of merit is introduced. With a lithium niobate crystal modulation depths over 10 are achieved at 1.054 μm and 1 W of radio frequency power. Using this device for the active mode locking of a continuous-wave Nd:glass laser pulses as short as 3.8 ps are produced at a repetition rate of 66 MHz. Limitations of amplitude-modulation mode locking by standing acoustic waves are discussed.