A full-duplex lightwave transport system employing phase-modulated radio-over-fiber (RoF) and intensity-remodulated CATV signals in two-way transmission is proposed and experimentally demonstrated. The transmission performances of RoF and CATV signals are investigated in bidirectional way, with the assistance of only one optical sideband and optical single sideband (SSB) schemes at the receiving sites. The experimental results show that the limitation on the optical modulation index (OMI) of the downlink RoF signal can be relaxed due to the constant intensity of phase modulation scheme. Impressive transmission performances of bit error rate (BER), carrier-to-noise ratio (CNR), composite second-order (CSO), and composite triple-beat (CTB) were obtained over two 20-km single-mode fiber (SMF) links. This proposed system reveals an outstanding one with economy and convenience to be installed.