High-power ultrafast fiber lasers are important sources for a number of applications including material processing, pump source for optical parametric oscillator, and supercontinuum generation. Ultrafast thulium-doped fiber lasers, which extend the wavelength range of fiber lasers from 1.8 to 2.1 m, have rapidly developed in the last several years and the average output power of the ultrafast thulium-doped fiber amplifiers has reached a hundredwatt level. The broad and smooth gain spectrum of thulium-doped fiber makes it a well-suited gain medium for generating the ultrashort laser pulses and broad wavelength tunability. However, previous reports on ultrafast thulium-doped fiber lasers and amplifiers were related to non-PM fiber configuration. These ultrafast thulium-doped fiber lasers and amplifiers may suffer the environmental instability, which means that these fiber sources are sensitive to externally-induced changes, like significant temperature variations and mechanical perturbations which will influence the fiber birefringence property. An effective method to eliminate this environmental instability is to build an all-PM, thulium-doped all-fiber MOPA configuration where the light polarizes only along the slow or fast axis in the PM fiber and PM-fiber components. Here, we demonstrate a high-power all-polarization-maintaining picosecond thulium-doped all-fiber master-oscillator power-amplifier (MOPA) system. The linearly-polarized thulium-doped all-fiber MOPA yields 203 W of average output power at central wavelength of 1985 nm with a polarization extinction ratio of 15 dB. The pulse duration of 15 ps at 611.5 MHz repetition-rate results in a peak-power of 22 kW in the final thulium-doped fiber power amplifier. To the best of our knowledge, this is the highest average output power ever reported for a picosecond-pulsed thulium-doped all-fiber laser at 2 m wavelength. Furthermore, high-power linearly-polarized thulium-doped fiber laser with compact and simple design is greatly demanded for a variety of applications, such as coherent polarization beam combination, and frequency conversion in nonlinear crystals.