Coherent Optical OFDM (CO-OFDM) technology can take full advantage of the high frequency band-pass regions of the multimode fiber, and carry high-speed and high capacity communication. However, the deep fading in high frequency band pass region of the multimode fiber will affect the system performance. Adaptive Modulation Algorithm was studied. The authors proposed an algorithm using threshold allocation of optical signal to noise ratio (OSNR), and introduced the CO-OFDM multimode fiber communication systems based on adaptive modulation (AM).The experimental results show that AM-CO-OFDM multimode fiber communication systems reduces 2dB OSNR requirement than that without AM technology in 21.4Gb/s CO-OFDM signal transmission over 200km of multimode fiber.