In this work, we demonstrate the spectral manipulation in an ultrafast fiber laser system that generates ultrashort pulses with a repetition rate of 1.2 GHz and two switchable modes-a 1064-nm fundamental laser mode with a maximum output power of 66.6 W, and a 1125-nm Raman laser mode with a maximum output power of 17.23 W. The pulse width, beam quality, and power stability are carefully characterized. We also investigate a method to switch between the two modes by manipulating the duty cycle of the modulation signal. It is anticipated that this bi-mode ultrafast fiber laser system can be a promising ultrafast laser source for frontier applications, such as micromachining, bioimaging, and spectroscopy.