Filter Bank Multi-Carrier Offset-QAM (FBMC-OQAM) is one of the hottest topics in research for 5G multi-carrier methods because of its high efficiency in the spectrum, minimal leakage in the side lobes, zero cyclic prefix (CP), and multiphase filter design. Large-scale subcarrier configurations in optical fiber networks need the use of FBMC-OQAM. Chromatic dispersion is critical in optical fiber transmission because it causes different spectral waves (color beams) to travel at different rates. Laser phase noise, which arises when the phase of the laser output drifts with time, is a major barrier that lowers throughput in fiber-optic communication systems. This deterioration may be closely related among channels that share lasers in multichannel fiber-optic systems using methods like wavelength-division multiplexing with frequency combs or space-division multiplexing. In this research, we use parallel Analysis Filter Bank (AFB) equalizers in the receiver part of the FBMC OQAM Optical Communication system to compensate for chromatic dispersion (CD) and phase noise (PN). Following the equalization of CD compensation, the phase of the carriers in the received signal is tracked and compensated using Modified Blind Phase Search (MBPS). The CD and PN compensation techniques are simulated and analyzed numerically and graphically to determine their efficacy. To evaluate the FBMC's efficiency across various equalizers, 16-OQAM is taken into account. Bit Error Rate (BER), Optical Signal-to-Noise Ratio (OSNR), Q-Factor, and Mean Square Error (MSE) were the primary metrics we utilized to evaluate performance. Single-tap equalizer, multi-tap equalizer (N=3), ISDF equalizer with suggested Parallel Analysis Filter Banks (AFBs) (K=3), and MBPS were all set aside for comparison. When compared to other forms of Nonlinear compensation (NLC), the CD and PN tolerance attained by Parallel AFB equalization with MBPS is the greatest.