In this paper, a low-power underwater acoustic (UWA) image transceiver based on generalized frequency division multiplexing (GFDM) modulation for underwater communication is proposed. The proposed transceiver integrates a low-density parity-check code error protection scheme, adaptive 4-quadrature amplitude modulation (QAM) and 16-QAM strategies, GFDM modulation, and a power assignment mechanism in an UWA image communication environment. The transmission bit error rates (BERs), the peak signal-to-noise ratios (PSNRs) of the received underwater images, and the power-saving ratio (PSR) of the proposed transceiver obtained using 4-QAM and 16-QAM, with perfect channel estimation, and channel estimation errors (CEEs) of 5%, 10%, and 20% were simulated. The PSNR of the received underwater image is 44.46 dB when using 4-QAM with a CEE of 10%. In contrast, PSNR is 48.79 dB when using 16-QAM with a CEE of 10%. When BER is 10−4, the received UW images have high PSNR values and high resolutions, indicating that the proposed transceiver is suitable for underwater image sensor signal transmission.