Photonics-assisted frequency conversion based on cascaded modulators is an effective way to satisfy the requirements of distributed antenna array applications. A filter-free photonic image-rejection down-converter with immunity to dispersion-induced power fading is proposed and demonstrated. The radio frequency (RF) signal from the distributed antenna unit is injected into a dual-drive Mach-Zehnder modulator (DDMZM) through an electrical 90° hybrid coupler (HC), and a single-sideband (SSB) signal is realized. It is then transmitted to the center office by an optical fiber link. At the center office, the modulated RF signal is injected into a dual-polarization dual-parallel MZM (DP-DPMZM) after a polarization controller (PC). Afterwards, an LO signal remodulates it through the Y-DPMZM, and carrier-suppressed SSB modulation is fulfilled via another electrical 90° HC. After the power splitting, quadrature I and Q IF signals can be obtained by a photonics-based continuously adjustable phase shifter. Through a combination of the I/Q IF signals with a low-frequency electrical 90° HC, a photonics image-rejection down-converter based on phase cancellation is realized. Moreover, no optical filter is required; thus, the image-rejection down-converter can work with a large bandwidth. The proposed filter-free photonic image-rejection down-converter is theoretically analyzed and experimentally verified.