High-energy Er-doped fiber laser with high conversion efficiency is reported, which is mode-locked by a germanium telluride (GeTe)-based saturable absorber (SA). By adjusting the direction of the polarization controller (PC), a high-energy pulse with a central wavelength of 1533.1 nm and a fundamental repetition frequency of 1.58 MHz is achieved. Under the pump power of 450.1 mW, the maximum average output power is 50.48 mW, and the single-pulse energy is 32 nJ. It is worth noting that the optical-to-optical conversion efficiency has reached about 11.2%. The experimental results indicate that GeTe performs excellently as SAs for obtaining mode-locked fiber lasers and plays an extremely important role in high-energy fiber lasers.