The first Ho microchip laser passively Q-switched using a graphene-based saturable absorber is demonstrated based on a Tm,Ho:KLu(WO4)2 crystal cut along the Ng-axis. A maximum average output power of 74 mW is extracted from the diode-pumped laser at 2061 nm with a slope efficiency of 4%. Pulses as short as 200 ns with an energy of ~0.2 μJ are obtained at a repetition rate of 340 kHz. The energy transfer (ET), 3F4 (Tm3+) ↔ 5I7 (Ho3+) is studied, yielding ET parameters of P28 = 1.69 and P71 = 0.15 × 10−22 cm3 μs−1, revealing the strong prevalence of direct ET.