The invention discloses a DCO-OFDM modulation-demodulation method and device added with phase modulation, and a method and system including modulation and demodulation. The DCO-OFDM modulation-demodulation method comprises the following steps: at a sending end, producing time domain data x by performing IFFT processing, and obtaining a sequence by processing the time domain data x by adopting a phase modulator; respectively adding cyclic prefix on each of a real number part r and a virtual number part I of the sequence p, and producing time domain analog signals r(t) and i(t) through a digital-to-analog converter DAC and a low-pass filter; adding DC bias on the r(t) and i(t), enabling the amplitude limiting as zero if the obtained signal still has negative value, thereby producing rDCO(t)and iDCO(t); inputting the signals rDCO(t) and iDCO(t) into two optical modulator LEDs, converting electric signals into optical signals, and enabling the optical signals to achieve a receiver throughan optical channel; at a receiving end, performing DC blocking processing on two optical signals after the PD; sampling two analog signals through the low-pass filter and an ADC, and removing the cyclic prefixes to obtain the sequences as shown in description, wherein the formula as shown in description is used as the real part, and the formula as shown in description is used as a virtual part, thereby obtaining the sequence as shown in description; and obtaining the time domain data as shown in description through one phase demodulator, wherein the processing on the time domain data as showin description is similar to the traditional DCO-OFDM scheme. The DCO-OFDM modulation-demodulation method disclosed by the invention is lower in signal-to-noise ratio and higher in BER performance.