Atmospheric turbulence causes transmitted light to fade randomly, which results in irradiance scintillation fluctuations in the received signal and significantly affects the quality of wireless optical communication systems. In this paper, we investigate the propagation characteristics of a monochromatic light-emitting diode (LED) light beam through weak-to-strong turbulence. Considering the spatial incoherence of a monochromatic LED light source, the emitted light field of a monochromatic LED light source is represented by a random field multiplied by a deterministic field that follows a Gaussian distribution. Then, based on the extended-Rytov theory, a closed expression for the irradiance scintillation index under weak-to-strong turbulence is derived. In addition, the expression for the fading probability governed by the Gamma–Gamma model is given. Finally, the effects of near-earth atmospheric refractive index structural parameters, signal propagation distances, and working light wavelengths on propagation characteristics of the LED-based VLC system are simulated and compared with those of the laser-based one. The results theoretically confirm that laser light sources are more susceptible to atmospheric turbulence along the propagation path than monochromatic LED light sources. The investigation in this paper can provide theoretical support for the design of visible light communication systems in practical applications.