Dynamical radiation pressure effects in cavity optomechanical systems give rise to self-sustained oscillations or ‘phonon lasing’ behavior, producing stable oscillators up to GHz frequencies in nanoscale devices. Like in photonic lasers, phonon lasing normally occurs in a single mechanical mode. We show here that mode-locked, multimode phonon lasing can be established in a multimode optomechanical system through Floquet dynamics induced by a temporally modulated laser drive. We demonstrate this concept in a suitably engineered silicon photonic nanocavity coupled to multiple GHz-frequency mechanical modes. We find that the long-term frequency stability is significantly improved in the multimode lasing state as a result of the mode locking. These results provide a path toward highly stable ultracompact oscillators, pulsed phonon lasing, coherent waveform synthesis, and emergent many-mode phenomena in oscillator arrays.