A picosecond-gated optical amplifier (PGOA) characterized by high gains (102), large extinction ratios (105), and short aperture times (10 psec) is described. The active component of the system is a saturable absorbing dye which is irradiated by a high-intensity ultrashort laser pulse. The technique is illustrated by simultaneously gating and amplifying a weak picosecond continuum pulse propagating through a scattering medium. Performance characteristics of the PGOA and ultrafast shutters are compared.