Real-time dual-band optical orthogonal frequency-division multiplexing (OOFDM) transceivers incorporating digital-to-analog and analog-to-digital converters operating at sampling speeds as low as 4 GS∕s and field-programmable gate-array-based digital signal processing clocked at only 100 MHz are employed to explore the maximum achievable transmission performance of electro-absorption modulated laser-based multimode fiber (MMF) systems subject to conventional optical launching. Making use of adaptive subcarrier bit and subcarrier/ subband power loading, record-high 20.125 Gb∕s transmission over 800 m OM2 MMF of real-time dual-band OOFDM signals is experimentally demonstrated, for the first time, with an optical power penalty as low as 1 dB. In addition, extensive experimental explorations of dual-band OOFDM capacity versus reach performance are also undertaken over the aforementioned systems consisting of different MMF types and lengths. It is shown that 20.125 Gb∕s over 100 m and 19.625 Gb∕s over 1000 m OOFDM transmissions are obtainable in OM2-only MMF systems and that 20 Gb∕s over 100 m and 19.375 Gb∕s over 1000 m OOFDM transmissions are achievable in OM1-only MMF systems. Furthermore, in various OM1 and OM2 MMF systems, minimum optical power penalties of <1 dB are observed for MMF transmission distances ranging from 300 to 800 m. Experimental results indicate that >19 Gb∕s over 1000 m transmission of dual-band OOFDM signals are practically feasible in any legacy MMF systems.Index Terms-Fiber optics systems; Multimode fibers; Optical modulation and orthogonal frequency division multiplexing (OFDM).